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July 2003 |
Question:
My
spouse is terminally ill and not expected to live much longer. Will I
have to go through probate just to gain access to the checking account
after he passes away?
Answer:
You will
be able to access the account immediately if the account is held in both
your names as joint account holders. Any asset, however, including a checking
account owned solely by the deceased is frozen at the time of death and
subject to probate, and cannot be made available without some sort of
court order.
If the account is
owned by both you and your spouse, it will automatically pass to you by
rights of survivorship. You should, however, record a certified copy of
the death certificate in the Official Records of the county in which you
reside.