Here’s a new case from the Tennessee Supreme Court that you might find of particular interest. A husband and wife deposited funds into a joint checking account designated with a right of survivorship. Later, the husband withdrew most of the funds from the joint account and placed the funds in a certificate of deposit issued solely in his name. After the husband’s death, a dispute arose between his surviving spouse and his children from a previous marriage regarding ownership of the certificate of deposit. The Tennessee Supreme Court held that once funds are withdrawn from a bank account held by a married couple as tenants by the entirety the funds cease to be entireties property. The funds then belonged to his estate, not his surviving spouse. It’s always important to consult an attorney when you decide to take any major financial action.
The Estate of Calvert Hugh Fletcher: Tennessee Supreme Court Rules in Favor of Children, Not Surviving SpouseBy: KRBHK
Posted on: December 20, 2017
Posted in: Blog | Estate Planning