Joint Savings Accounts

[ChristianJ]

Jurisdiction

New Jersey

My female partner and I have a joint savings account with a substantial balance. I am the primary account holder and she is a co-owner. My partner has a will but I do not have a will. She is divorced. I have been divorced for over 25 years and estranged from my four children for the same period of time (no verbal contact) . Since I do not have a will, can my children sue my estate for half the money in our joint savings account?

 

[justblue]

My female partner and I have a joint savings account with a substantial balance. I am the primary account holder and she is a co-owner. My partner has a will but I do not have a will. She is divorced. I have been divorced for over 25 years and estranged from my four children for the same period of time (no verbal contact) . Since I do not have a will, can my children sue my estate for half the money in our joint savings account?

Define "partner", please. Are you two married or just bf/gf? Why haven't you made a will?

 

[adjusterjack]

I am the primary account holder and she is a co-owner.

No, there is no such legal designation. You are both equal co-owners of the account unless you can prove, with evidence (not sayso) that one of you contributed more to the account than the other. N.J.S.A 17:161-4(a).

Upon the death of one of the owners the remaining funds go to the surviving account owner. N.J.S.A. 17:161-5(a).

Joint Bank Accounts in New Jersey and Who Gets the Money

Under New Jersey's Multiple Party Deposit Account Act, a “joint account belongs, during the lifetime of all parties, to the parties in proportion to the net contributions by each to the sums on deposit,” unless a contrary intent is shown. N.J.S.A. § 17:16I-4(a). Thus, if only one party has...

www.kemenylaw.com

Wills don't matter because survivorship accounts are designed to avoid probate because the account goes immediately upon death to the surviving partner.

Your children could sue till the cows come home but wouldn't get anything unless they could prove unequal contribution to the account.

To avoid your partner getting your share when you die you would have to label the account something like Jack and Jill Tenants in Common.

Tenancy in Common allows for unequal ownership shares with no right of survivorship.

With Tenancy in Common if she dies first her share would go to whoever she designates in her will. If you die first without a will, your share likely goes equally to your children via intestate succession.

https://generisonline.com/understanding-co-ownership-forms-in-new-jersey-tenancy-in-common-joint-tenancy-and-tenancy-by-the-entirety/

 

[ChristianJ]

Define "partner", please. Are you two married or just bf/gf? Why haven't you made a will?

Partner is defined as Boyfriend and Girlfriend. No will because I have no other assets.

 

[adjusterjack]

Yes, you do have assets.

You have a share in a bank account. You have personal property in your home. Maybe you have a car. Maybe you have a pension accruing through your employer.

If you die without a will (intestate) your children get everything that you own if you don't make other arrangements.

If you die tomorrow who do you want to have the money in the bank account. It would be a good idea to make the account a Transfer on Death account with her listed as beneficiary so there will be no argument as to your intent. Or make it clear that it is a joint account specified right of survivorship.

 

[ChristianJ]

Yes, you do have assets.

You have a share in a bank account. You have personal property in your home. Maybe you have a car. Maybe you have a pension accruing through your employer.

If you die without a will (intestate) your children get everything that you own if you don't make other arrangements.

If you die tomorrow who do you want to have the money in the bank account. It would be a good idea to make the account a Transfer on Death account with her listed as beneficiary so there will be no argument as to your intent. Or make it clear that it is a joint account specified right of survivorship.

A year ago, I received an email from a website called, Will and Trust dot com. For $150.00 they would create a Will for me. I wish to leave all my assets to my life partner and leave nothing to next of kin or other family members. Can such a Will hold up in a court of law in the state of New Jersey?

 

[adjusterjack]

From best to not so best.

1 - Best is to have a local attorney create your will, especially since you want to disinherit your children. Shop around locally for attorneys who do wills at low cost. I just had mine done by an attorney for $400 and I've seen local attorney ads for less than that.

2 - Check out the free samples online that say New Jersey and pick one that looks like it does what you want it to do.

3 - Use a website like you posted as long as there is some sort of guarantee that it conforms to New Jersey law.

4 - Weakest is handwrite your will in accordance with New Jersey law.

https://law.justia.com/codes/new-jersey/title-3b/section-3b-3-2/

I recommend having a local estate attorney do it to make sure it's right. A mistake could result in your partner being prey to your children.

Wills can be revoked and updated any time things change in your life.

Don't forget a Durable Power of Attorney and Living Will (End of Life Care). You can find samples on the internet.

There are estate planning guides and forms online for New Jersey.

new jersey estate planning documents at DuckDuckGo

DuckDuckGo. Privacy, Simplified.

duckduckgo.com

 

[zddoodah]

I am the primary account holder and she is a co-owner.

Please explain exactly what you think is the distinction between being "the primary account holder" and "a co-owner" and whether this distinction is borne out by the account agreement with the bank.

Since I do not have a will, can my children sue my estate for half the money in our joint savings account?

They can (anyone can sue anyone for anything), but that would be a really weird thing to do.

If you die unmarried and without a will, your children will be legally entitled to all of your probate estate. This entitlement will not require suing anyone unless any person in possession of estate assets refuses to turn them over to the appointed administrator of your estate.

As far as the bank account goes, assuming it is a normal joint account, the money in the account that is deposited during your lifetime will not be part of your probate estate, and the surviving account owner will own it all.

A year ago, I received an email from a website called, Will and Trust dot com. For $150.00 they would create a Will for me. I wish to leave all my assets to my life partner and leave nothing to next of kin or other family members. Can such a Will hold up in a court of law in the state of New Jersey?

Of course. It's a complete myth that a will drafted by a lawyer is automatically better than one generated from a website.

Here's a question: How much do you care what happens after you die? Your money is (likely) in a joint account and won't be part of your probate estate. Therefore, the only thing that your will would do is dictate the disposition of your other assets. It sounds like that's only your clothes, furniture and other personal effects and maybe a car. Unless the car has substantial value, we're talking about no more than a few thousand dollars worth of stuff. So...again...how much do you care? Or...perhaps more importantly...how much will your girlfriend care? Is your girlfriend really going to want to fight over a pair of jeans and a set of steak knives?