Thomas Fabbri, of Clark Hill, writes about how to challenge a joint account arrangement in Michigan. His article begins as follows:
Joint bank account arrangements are as useful as they are common, providing a simple means for transferring an individual’s assets to others – either during his/her life or post death by operation of a survivorship designation – and the technique is commonly referred to as a “poor man’s will.” However, joint account arrangements may also be created for another reason altogether – convenience. By adding another party to a financial account, an individual can effectively and efficiently delegate the often time-consuming administrative tasks of check writing, bill paying, and the handling of other related financial matters. Significant legal problems can arise, however, when disputes exist regarding what kind of account arrangement was intended.
Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.