An account that is titled in your name and that of your child “with right of survivorship” passes to your child upon your death “by operation of law.” That is, your Will does not control the disposition of this account. When an account is titled in your name and your child’s name “as tenants in common,” at your death one-half of the account is deemed to be owned by your child and the other half passes into your estate as a probate asset. That is, your Will does control the disposition of one half of this account. If the account is titled in your name and your child’s name and says nothing else, the banking law presumes that it is meant to be a joint account with right of survivorship and the entire account passes to your child on your death by operation of law.

Originally published in Lloyd Harbor Life - August 2019.