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When relatives couldn’t inherit $4m in their joint bank accounts with family patriarch
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It was found that the man did not intend to give his money to his joint account holders; he had added their names solely for administrative purposes.
ST ILLUSTRATION: MANNY FRANCISCO
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- A woman and her daughter failed to claim $4 million in joint accounts, as the will stipulated equal distribution among all four of the patriarch's children.
- The court clarified that survivorship clauses in bank documents are a contractual arrangement, not proof of ultimate ownership, and intentions matter.
- Wills are crucial for resolving disputes over joint assets, preventing assumptions of gifting without documented proof of the deceased's intention.
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When it comes to joint bank accounts, you should not assume that you will inherit all the money there when the other joint owners die, especially when they had made other plans in their wills.
This was what happened to a woman and her eldest daughter who could not stake claims over $4 million that was kept in joint accounts with the family’s patriarch, because his will stated that the money would be shared among all his four children.
