In some situations, the ownership of joint bank accounts will be in dispute upon the death of one owner. Under Colorado law, there is a presumption that jointly titled accounts become the property of the survivor upon the death of the first owner. However, this presumption can be disproven upon sufficient evidence to the contrary. A joint account that is intended to be paid to the survivor is called a survivorship account. A joint account that is intended to be paid to the estate upon the death of the owner is called a convenience account.
In other situations, one owner of joint funds might have improperly transferred funds out of the joint account to another. In such a case, a lawsuit can be brought for the recovery of the joint funds improperly taken.
If you are involved in a dispute over a joint account, please call Amos L. Soignier at (970) 247-3510, or email him.