[WSBARP] relationship of community property agreement and JTWROS account with non spouse as joint owner

[Stephen Brandli]

My understanding:

Under the banking statutes, while the joint tenants are living, funds in the account are owned by the person who deposited the funds.  If the spouse is an owner of funds, and if the community property agreement is written generally ("all assets owned by either party or both of them"), then the character of the funds owned by the spouse would be community property.  However, the bank would not recognize the other spouse's management rights over those funds.

	Steve

-----Original Message-----
From: wsbarp-bounces at lists.wsbarppt.com <wsbarp-bounces at lists.wsbarppt.com> On Behalf Of Douglas Owens
Sent: Tuesday, January 26, 2021 2:30 PM
To: wsbarp at lists.wsbarppt.com
Subject: [WSBARP] relationship of community property agreement and JTWROS account with non spouse as joint owner

Dear Listmates, I have clients who have a community property agreement and also have deposit accounts that are JTWROS/TOD with a person other than the spouse as joint owner.  Does the CP agreement preempt the JTWROS/TOD ownership provision of the deposit agreement, or vice versa?  Thanks for any assistance.  Yours truly, Doug Owens

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