Article on Survivorship Rights in Joint Bank Accounts

Gregory Eddington (Oklahoma City University) recently published an article entitled, Survivorship Rights in Joint Bank Accounts: A Misbegotten Presumption of Intent, 15 Marq. Elder’s Advisor 175-227 (2014).  Provided below is a portion of the article’s introduction:

Every day, elderly people who live alone find themselves worried about losing the mental or physical ability to pay their own bills.  Those who seek legal advice would likely be told to use a durable power of attorney, where specific powers can be granted that will either continue past the principal’s incapacity or will not spring into existence until incapacity.  Lacking legal knowledge or advice about durable powers of attorney, the elderly person often decides to add another authorized signer to his or her bank accounts.  Perhaps the person formerly had a joint account with a spouse now needs an additional signer to give the assurance that someone can take care of his or her affairs.  Choosing a child or another relative, one who lives nearest, to be a co-signer on a bank account seems like a logical, simple solution that allows someone to step in quickly to help if necessary.  In most cases, this arrangement may be satisfactory during the remainder of the elderly person’s life.  The additional signer may never be needed but, if needed, the signer may carry out the duties of paying the elderly person’s bills without incident.  But doing so can create untold discord later, because it can inadvertently change the distribution of the estate.