Joint Account Legalities

Summary

In Pennsylvania, when a joint account holder dies, the surviving holder usually becomes the sole owner of the account. Informing the bank is not legally required, but its wise to do so. Accessing a safety deposit box without notifying the bank is not a crime, but the contents may be subject to estate taxes. Consulting a local attorney is advisable for peace of mind.

Full Conversation

My friends father passed away. They gad a joint bank account. Maybe about $*,* in the account. There was also a safety deposit box with some coins that werecworth maybe $*. That her father had left her. She closed the safety deposit box . She didnt know she had to notify the bank of his death. Now someone has told her this us a crime and she may go to jail. Is this actually possible? She is having a break down over this
Hello ****, I am sorry to hear about your friend's situation. Laws can vary by location. Could you please tell me where your friend is located so I can provide more accurate information?
Pennsylvania
In Pennsylvania, when a joint account holder dies:
- The surviving holder usually becomes the sole owner of the account.
- Informing the bank is not legally required, but it's wise to do so.
As for the safety deposit box:
- It's not a crime if she accessed it without notifying the bank.
- However, the contents may be subject to estate taxes.
So, it's unlikely she committed a crime. She may want to consult with a local attorney for peace of mind.
Thank you
You're welcome, ****. If your friend is still worried, she can reach out to a local attorney. If she needs further assistance, feel free to ask.
Great thanks!
You're welcome, ****. If your friend has more questions or needs further legal guidance, please feel free to contact us at any time. Is there anything else I can assist you with today?
No thank you
You're welcome, ****. Feel free to reach out if you or your friend have more questions in the future. We're here to help.