joint accounts, creditors

[dave_c]

are joint accounts protected from the spouse's creditors after that spouse dies (assuming the debt was NOT co-owed)? if not, is all the money garnishable?

thx!

[Trooper8111]

The bank will freeze the account but not for reasons of seizing. It will take weeks before you can access the account. Creditors make a claim on the estate of the deceased person.

If you are the beneficiary of the will, you will be required to assume the debts also.

[83_gemini]

Joint accounts do pass outside the will so I suspect the answer to your question is "yes the creditors do not have a claim on the property--unless they have a claim on your property."

Beneficiaries do not assume the debts of the deceased, but rather the creditors have (generally speaking) first claim on the estates, with a set of priorities for what they get grab first (i.e. first the residue, then specific bequests, then property etc.). But since a joint account generally passes outside the will this is not an issue. However there might be a "resulting trust" issue that complicates matters somewhat, though in the case of passing to a spouse I suspect the transfer is in fact not complex.

This is not legal advice--talk to your solicitor for specific advice.