For individuals who would like to set aside some money for their loved ones in a special bank account, an estate planning lawyer in Clermont may be able to offer a few suggestions. Your estate planning lawyer in Clermont can explain that the following special accounts typically pass outside the probate process.
This type of account is premised on the notion that an account that bears two or more individuals’ names on it is intended to give rights that vest in the surviving account holders. Unless these individuals expressly provide for a different intention or proof of fraud or undue influence is provided, this presumption stands. Your estate planning lawyer in Clermont can explain that creditors are not able to reach the funds from this type of account because the funds are automatically absorbed by the other parties on the account upon the death of a joint account holder.
Tenants by the Entirety
Your estate planning attorney in Clermont can explain that the primary difference between an account with tenants by the entirety and an account with joint tenants with right of survivorship is that the former is only for married couples. There is a presumption that a joint bank account in the names of the two spouses is held in this manner.
Tenants in Common
In order for an individual to have this type of legal designation, he or she must provide evidence that supports this intention. The account agreement or signature card may show this legal designation.
If you would like more information on this subject, contact Merideth Nagel at 352-394-7408.
Serving West Orange County, Lake County, Sumter County & Marion County