In most cases, the bank or brokerage firm will allow a co-signer on accounts to access funds after the death of one of the co-signers.  However, not all accounts with two co-signers automatically belong to the surviving co-signer.  Who owns the property in these types of accounts is a complicated subject.  (Glenn Karisch has written a paper for lawyers on this subject.  The see the paper, click here.)  Also, if the estate is large, there may be serious tax problems that need to be addressed before the funds are accessed.  Therefore, it is a good idea to consult an attorney before using funds from these accounts for personal purposes, and it is a good idea to keep good records of how these funds are spent.

Last updated on January 6, 2011 by Glenn Karisch