[WSBARP] Jt with Rt of Survivorship Acct.

Thu Mar 24 10:29:00 PDT 2022

Agree—I have explained this to clients as a protection for the bank:  The bank doesn’t have to police who withdraws how much from a multi-owner account, but if an owner withdraws more than they are entitled to, the other owners have a right to pursue a claim against the one who withdraws the money.

Also, Kary, you are right as a practical matter about banks defaulting to JTWROS. It’s not a statutory presumption, but rather, pretty much every bank I have dealt with in recent years has an account agreement that says “accounts in multiple names are JTWROS unless otherwise indicated on the account card.” So even if the account card has a box for “JTWROS” and “TIC” and nothing is checked, the default ends up being JTWROS.

Sincerely,

Eric

Eric C. Nelsen
Sayre Law Offices, PLLC
1417 31st Ave South
Seattle WA 98144-3909
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From: wsbarp-bounces at lists.wsbarppt.com <wsbarp-bounces at lists.wsbarppt.com> On Behalf Of Nicholas Pleasants
Sent: Thursday, March 24, 2022 10:00 AM
To: WSBA Real Property Listserv <wsbarp at lists.wsbarppt.com>
Subject: Re: [WSBARP] Jt with Rt of Survivorship Acct.

The presumption is that the funds are owned equally. RCW 30A.22.100(3). I think there is a cause of action against the child who unilaterally withdraws all of it if that was not the decedent’s intent.
Best,
Nick

Nicholas Pleasants | Shareholder

[OseranHahnAttyatLaw 8]

11225 SE 6th Street | Suite 100 | Bellevue, WA 98004
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From: wsbarp-bounces at lists.wsbarppt.com<mailto:wsbarp-bounces at lists.wsbarppt.com> <wsbarp-bounces at lists.wsbarppt.com<mailto:wsbarp-bounces at lists.wsbarppt.com>> On Behalf Of Kary Krismer
Sent: Thursday, March 24, 2022 6:01 AM
To: wsbarp at lists.wsbarppt.com<mailto:wsbarp at lists.wsbarppt.com>
Subject: Re: [WSBARP] Jt with Rt of Survivorship Acct.

I would agree with this answer, but go further and say that one of the survivors could likely withdraw all the funds, possibly without the others having a remedy.  I'm not sure that intent, now matter how expressed, is enforceable.

BTW, I think by default bank accounts are joint with rights of survivorship.  Banks don't want to be drawn into issues over when account holders can withdraw funds.

Kary L. Krismer

206 723-2148
On 3/23/2022 4:01 PM, Nicholas Pleasants wrote:
If it is joint tenancy with right of survivorship, the account survives, and will not be disbursed automatically by the bank. JTROS is not the same as a beneficiary designation. Theoretically any child could go and withdraw all of it, although if the intent was for it to be split 5 ways, then the children should request the bank to issue 5 checks (or wire transfer, etc.) for 1/5 of the account to each of them.

Nicholas Pleasants | Shareholder

[OseranHahnAttyatLaw 8]

11225 SE 6th Street | Suite 100 | Bellevue, WA 98004
Main: (425) 455-3900 | Fax: (425) 455-9201 | E-mail: npleasants at ohswlaw.com<mailto:npleasants at ohswlaw.com>

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From: wsbarp-bounces at lists.wsbarppt.com<mailto:wsbarp-bounces at lists.wsbarppt.com> <wsbarp-bounces at lists.wsbarppt.com><mailto:wsbarp-bounces at lists.wsbarppt.com> On Behalf Of Mario Ledesma, Attorney
Sent: Wednesday, March 23, 2022 1:03 PM
To: wsbarp at lists.wsbarppt.com<mailto:wsbarp at lists.wsbarppt.com>
Subject: [WSBARP] Jt with Rt of Survivorship Acct.

Hello,

I just filed a petition to probate a will.  The personal representative just found out the decedent's bank account, (his mother) has the five children on as joint with right of survivorship.   I expect the bank will disburse the account funds (approximately $300,000) equally between the children.  Actually, I'm surprised the bank has not done it already, the decedent passed away February 14, 2022.   Am I missing something?
Thank you!

Regards,
Mario Ledesma

LEDESMA LAW OFFICES PLLC
Licensed in Washington and Oregon
P. O. Box 1305
Richland, Washington 99352
Tel: 509.946.1248
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