As parents get older, they turn to their children or a particular child to assist them with paying their bills. A convenient way to do that is to add them to the bank account. Many times, there is no discussion between the bank representative and the parent about the legal impact of adding another person to their account. No consideration is given to the legal effect of the act and parents and relatives who need this type of bill paying help or are anticipating they might need help in the future to manage their finances sign signature cards and bank forms without a moment's thought.
The troubling part is that even though family members knew that one child was being added just to help, following the death of the relative many times these unscrupulous siblings will claim the parent intended the account to be owned by him or her and they will even manufacture some self-serving reason about how he or she helped more and therefore deserved the money. Of course, even though everyone knew that it was for “convenience purposes only,” they now face the argument that the bank forms have the legal effect of vesting ownership in the co-owner.
Is all lost? No. In fact, in determining whether a bank account shared with another is either a convenience account (the balance of which becomes an estate asset after holder's death) or a joint account with right of survivorship (so that the co-owner keeps the money), the inquiry is not limited to intent manifested by the signature card, on which the bank holder may have checked a box marked “right of survivorship” and did not check a box marked “convenience account.” Florida law provides that a presumption of joint ownership is created by a bank signature card, but that presumption can be overcome by clear and convincing proof of contrary intent that the account holder intended to create a convenience account. Fla. Stat. Ann. § 655.79.
