[WSBAPT] Joint bank accounts and survival requirement

[Jennifer Johnson]

Thank you John,

 

I’m making my way through the Account Agreement (this is a Wells Fargo account), and what I’ve found so far is:

 

“Joint tenants with right of survivorship: When you hold an account as joint tenants with right of survivorship and one of you dies, the account is payable to the surviving co-owner, subject to our rights under the Agreement.” 

 

And

 

“The laws governing your account include •Laws, rules, and regulations of the United States, and •Laws of the state where you opened your account (without regard to conflict of laws principles). For consumer and business accounts (except analyzed business accounts), your account statement will identify the state whose laws govern your account. If a different state law applies, we will notify you.”

 

Wells Fargo has stated that the 120 hour requirement applies.

 

Jennifer

 

 

From: WSBA ProbateTrust List <wsbapt-bounces at lists.wsbarppt.com> on behalf of "John J. Sullivan" <sullaw at comcast.net>
Reply-To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
Date: Tuesday, December 8, 2020 at 10:26 AM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
Subject: Re: [WSBAPT] Joint bank accounts and survival requirement

 

I would start with the contractual provisions of the account. 

 

John J. Sullivan

Sent from my iPhone




On Dec 8, 2020, at 10:21 AM, Allen Draher <allen at draherlaw.com> wrote:

 

Jennifer,  I think that is a good question.  I also thought as you did, but reading 11.05A it seems it would be divided between the two account holders’ successors.  Interested in others’ opinions.  Allen

 

Allen Draher

 

Law Office of Allen Draher, PLLC

9108 Fauntleroy Way S.W.

Seattle, WA 98136-2617

 

ph   206-484-8212

allen at draherlaw.com

 

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From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of Jennifer Johnson
Sent: Tuesday, December 8, 2020 9:10 AM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
Subject: [WSBAPT] Joint bank accounts and survival requirement

 

Good morning all,

 

I have a quick question about joint bank accounts and minimum survival requirements:

 

RCW 30A.22.100(3) provides that funds belonging to a deceased depositor which remain on deposit in a joint account with right of survivorship belong to the surviving depositor(s).  But does “surviving” mean that the remaining depositor survived the deceased depositor by 120 hours pursuant to RCW 11.05A.040?

 

I have not had the opportunity to deal with the simultaneous death act until now, and I guess I’ve always operated under the assumption that funds in a joint account with right of survivorship vest immediately in a co-owner upon the passing of the deceased depositor.  

 

I appreciate any assistance in advance, thank you!

 

Jennifer

 

Jennifer M. Johnson

Attorney

Hanigan Law Office, PS

PO Box 39 - 68 Main Street

Cathlamet, WA 98612

(360) 795-3494

(360) 795-3001 (f)

 

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