When someone dies, the court usually puts their estate through probate. If you share a joint account with that person, you may wonder what happens next. Will you still have access to the account? Will the money get tied up in court? Here’s how probate affects joint bank accounts in Virginia.
Joint accounts with rights of survivorship
In Virginia, many joint accounts include a right of survivorship. When one account holder dies, the surviving person automatically gains ownership of the remaining funds. These assets avoid the probate process entirely. You can continue using the account without court approval.
This arrangement helps you avoid delays and complications. However, the account documents must clearly state the survivorship rights. If they don’t, the account may fall under probate.
Accounts without clear survivorship rights
Not all joint accounts follow the same rules. If the account lacks clear survivorship language, the court may treat it differently. In that case, the deceased person’s share becomes part of the estate.
You may have to wait months before accessing the money. The probate process can also allow creditors or heirs to make claims on the account.
To avoid this situation, check your account paperwork and confirm it outlines what happens after death.
When probate gets involved anyway
Even with survivorship rights, family members may still raise disputes. They might argue that the joint account served only for convenience, not true ownership. When that happens, the court steps in to make a decision.
Judges examine bank statements, account activity, and any related documents. If they determine the account belongs in the estate, probate applies.
You can take steps now to avoid these problems. Review your joint accounts. Ask your bank to add survivorship language if it’s missing. Keep written records that show you intended to share ownership. These actions reduce confusion and help keep your funds out of probate.
