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If a person adds a second name to a savings account before he dies and that second person is not in the will of the deceased, does the account belong to the second person who is not in the will?

If a person adds a second name to a savings account before he dies and that second person is not in the will of the deceased, does the account belong to the second person who is not in the will, or is it frozen at death for the distribution of funds going to the will?

Banking
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If the account is titled as joint owners with rights of survivorship, the second owner automatically becomes the owner of the account upon the death of the first.  The account will not go through probate and the will has nothing to do with the account.  On the other hand, if the account is held as Tenancy in Common, the second owner doesn't automatically own the full account and the will controls who receives it (and it will need to go through probate).

It comes down to how the account is titled!  Contact me if you have any other questions.

John Madison

john@dayspringfm.com

dayspringfm.com

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