Joint
Accout - Does the surviving owner of a joint account automatically become
the sole owner of the account?
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Question
I have been trying to find out information on Michigan banking laws.
If a person has a joint checking and savings account and the word "or"
is between the names, if one of the persons dies, does the surviving
joint owner automatically become sole owner of the account, and does he
have to release the bank records to anyone?
Answer
I do not know the exact facts of your specific case; and, therefore, can
only give you a general response. Generally in Michigan, the law
provides that when a bank account is in the name of more than one person,
providing for payment to either person or the surviving person, the balance
of the money in the accountupon the death of either person belongs to and
becomes the property of the survivor. However, the account does not
become the property of the survivor if the decedent did not intend the
account to become the property of the survivor; when the account was opened,
the decedent did not have the mental capacityto know or understand that
the account would become the property of the survivor; the account was
opened or the survivor's name was added to the account as a result of fraud;
or the account was opened as a result of undue influence.
Any party challenging that the account belongs to the survivor has the
burden of proof.
I believe that until a challenge is made, the survivor generally is
the owner of the account and would not have to release the bank records.
However, once a challenge is made, those bank records would be subject
to discovery by the party making the challenge.
05/2000
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Last Updated 5-18-00
Send your comments, questions and suggestions to Phil Harter at 161
E Michigan Avenue, Battle Creek, Michigan 49014
or e mail to pharter@calhouncountymi.gov