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Showing posts from April, 2018

Bank Account Right of Survivorship Fails

In a 2017 case from the Tyler Court of Appeals, a signature card on a commonly used form failed to establish a right of survivorship in a bank account. Brief Facts: Both parties to the account initialed the signature card next to the box that said “multiple-party account with right of survivorship.” The card was the only evidence of the survivorship agreement introduced at trial. The trial court ruled that a right of survivorship was not created and directed that the funds in the account pass through the decedent’s probate estate rather than to the designated account beneficiary. Appeals Court Ruling: The court of appeals agreed with the trial court. The Court stated that the signature card met the first two elements needed to create a valid survivorship agreement, which are (1) a written agreement that is (2) signed by the decedent. The third element, a clear statement which specifies that the account holder’s interest "survives" to the other party, was not prese