College Station Estate Planning Lawyer on Right of Survivorship Accounts
It is common for one person to share financial accounts with one or more others, especially with married couples. In some cases a relative, friend, or adult child shares an account with a person as well. When one account owner dies, however, the matter of ownership of the account can be somewhat problematic. This is why a right of survivorship account can help greatly. A College Station estate planning lawyer can assist you with setting up such an account.
A College Station Estate Planning Attorney on Right of Survivorship in Texas
It is lawful in this state for any two or more people to share a joint account. As a College Station estate planning lawyer will tell you, a right of survivorship account will deem that one individual will have ownership of the entire account when the other account holder dies.
The reason why a right of survivorship account is important is that otherwise a will or trust may dictate that the assets in the account be distributed among different individuals. The right of survivorship takes legal precedent over a will or trust, and the portion of either that precludes the joint account owner from receiving the balance will be nullified.
Texas law differs from other states in this regard, as a College Station estate planning lawyer will tell you. Many other states do not require a right of survivorship account to establish ownership for survivors; rather, it is presumed. Texas law, by contrast, presumes that a survivor does not have such rights of ownership unless such an account is established.
If You Need Help, Call a College Station Estate Planning Lawyer
If you have questions about right of survivorship or other estate planning matters, speak with a College Station estate planning lawyer who can provide you with quality legal guidance procured from years of experience. Call Peterson Law Group today to arrange a consultation at 979-703-7014.