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.