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    b12b12b12's Avatar
    b12b12b12 Posts: 3, Reputation: 1
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    #1

    Jun 15, 2012, 03:01 PM
    Who inherits money from checking accounts with no will
    My mother-in-law has 3 checking accounts in her name only. Her sons can sign on them. In the event of her death, does the remaining money in the accounts go to her husband who is in a nursing home? Or to her sons? She does not have a will.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #2

    Jun 15, 2012, 03:05 PM
    What do you mean "they can sign on them" Are they joint accounts and the sons are co-owners
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #3

    Jun 15, 2012, 03:37 PM
    ANY question on law needs to include your general locale as laws vary by area. If there was no will, then distribution of assets is according to the laws of inheritance where she lived.
    b12b12b12's Avatar
    b12b12b12 Posts: 3, Reputation: 1
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    #4

    Jun 15, 2012, 04:07 PM
    She lives in the State of Texas.
    b12b12b12's Avatar
    b12b12b12 Posts: 3, Reputation: 1
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    #5

    Jun 15, 2012, 04:09 PM
    Quote Originally Posted by b12b12b12 View Post
    My mother-in-law has 3 checking accounts in her name only. Her sons can sign on them. In the event of her death, does the remaining money in the accounts go to her husband who is in a nursing home? Or to her sons? She does not have a will.
    They are not co-owners. They both have signed signature cards on her account giving them the ability to sign checks on her behalf.
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
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    #6

    Jun 15, 2012, 04:13 PM
    Quote Originally Posted by b12b12b12 View Post
    they are not co-owners. they both have signed signature cards on her account giving them the ability to sign checks on her behalf.
    Hello b:

    There is NO such banking arrangement unless they had POA's. From the banks perspective, they ARE co-owners.

    excon
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