Q: My mother in law is financial and legal power of attorney of her aunt who has a substantial savings.
She is a joint account holder with her aunt. Her aunt has a will but has not named an executor. Upon her passing, will the money in her accounts go to probate or will it go to the joint account holder (mother in law)?
A: It would go to the joint account holder, if the official account paperwork says that both account owners have "rights of survivorship."
A: If it truly is a joint account (both names on statement), upon her death, the money in the account(s) will go to the joint account holder. Sometimes a name is added to an account for convenience (ability to sign checks, etc.), in which case the other name would not be on the statement.
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