What Happens to a Joint Bank Account When One Person Dies?

Ownership of certain accounts is an important thing to know in the back of your mind if you jointly share one with another person. While both of you are alive, this means you jointly own that entire account.

For most joint accounts, these will be created by the bank as a “joint account with right of survivorship.” This means that when one account owner passes away, the other remaining party on that account will automatically be the full owner of any assets inside.

While some accounts carry automatic rights of survivorship, others do not. That’s why you should always check with your bank directly; many family members have discovered after the fact that what seems like minor paperwork issues can stall the transfer of an account.