Burnham & Associates | Stephanie K. Burnham
Joint Tenancy is legally 100% Ownership by two or more people. You own 100% of the Bank Account and so does your Brother. If your brother dies, you already own 100% of the Bank Account and you are entitled to the full amount. If you die, your Brother already owns 100% of the Bank Account and he is entitled to the full amount.
Answer Applies to: New Hampshire
Law Offices of Timothy G. Kearney, LLC | Timothy G. Kearney
A joint bank account applies that the money is held in survivorship. You would get the money in the event of his death. The kids would not inherit per the will as the money would pass outside of the estate.
Answer Applies to: Connecticut
The Schreiber Law Firm | Jeffrey D. Schreiber
It depends on what you mean by "joint account". If the account is "joint tenants" or "joint tenants with rights of survivorship" then at the death of the first owner, the surviving owner is the sole owner of the account. It does not pass through probate, so none of his heirs would have any right to the money.
Answer Applies to: California
Law Offices of Mark Lewis & Associates, PC | Andrew C. Spitler
With a joint checking account having two owners (not husband and wife), upon the death of either owner the balance of the checking account will belong to the survivor. Upon the death of the survivor the named beneficiaries on the account will receive any remaining balance. Note that the survivor can change the beneficiaries on the account after the death of the first owner.
Answer Applies to: Arizona