What rights do JTROS have to the money in an account?
My father passed away; parents we divorced many years ago. Father never remarried. He had a checking account with 4 names on it all listed as JTWROS. He was one, his mother, my sister and I. After his death and actually, on the day of the funeral, his mother went to the bank and withdrew almost all the money in the account. She was not listed as one of the recipients of his assets in his Will. It was to go to my sister and I. Is there anything we can do about the money she took from the account? It was $35,000.
JTWROS means you own an equal share of the property with one or more other persons. When your Father dies, his ownership share in the account automatically passed to the other surviving owner(s). The surviving joint tenants get their share of the property even if in the will the property is given to someone else or if the rest of the other assets go to others as well.
You have a right to your share of the funds. The personal representative of the estate may have the pwoer to help as it was an asset of the estate. Otherwise your avenue for redress may be in the courts.
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