It’s always been understood that with a joint bank account, both co-owners have equal access to the funds within that account. However, there are times when one of the co-owners takes action that presents ramifications for the other co-owner. Sometimes, there are instances when the co-owner taking the money does so without respectfully communicating with the other co-owner. What happens if something like this happens to you?
A recent Court of Appeals opinion that was issued related to this possibility, ruling that despite the banking institution being relieved of any liability, it does not in any way affect that co-owner’s obligation and duty, as it relates to the joint bank account.
Sometimes, something like this can make you second guess the plan. There are ways to make sure you are protected. The Probate Pro can help with estate planning and litigation. Give us a call at 1-877-YOUR-FIRM if you want to start or just have any questions related to probate.