Joint Account Rules in Texas

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Texas has some very specific rules governing how joint accounts are allowed to operate. Learn about the joint account rules in the state of Texas with help from a banking and financial expert in this free video clip.

Part of the Video Series: Accounting FAQs
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Video Transcript

Hi, I'm Lori Greer from Atlanta, Georgia and I'm here to discuss joint account rules in Texas. Texas is considered to be a community property state, meaning that married couples share all of their assets jointly. Upon death, all assets do go to the other spouse upon the death of one party. There are other stipulations to Texas joint account holder laws. When joint accounts are held among other family members, or any individual added to a joint account. Also, right of survivorship is an option added to joint account holders in Texas. For married couples, the right of survivorship is automatically part of the joint account. On the other hand, unmarried persons being added to a joint account, the primary account holder will opt to have the joint account transferred to the secondary account holder, upon death. Or, opt to have all assets added to their state. If a joint account is to be closed, however the signatures of all parties named on the account, is required. The same situation would hold true if any changes are to made to the account. Because joint accounts in Texas do not become part of the probate process upon death. This can be a way for an attorney to establish property ownership of the account, based on transactions from both parties. This translates into, in the event that the right of survivorship option is not selected on the signature card. The other account holder is not sure if the property belonging to him. And that he or she receives all of the funds that they put into the joint account, as it is his or her property. Again, I'm Lori Greer from Atlanta, Georgia, and we just discussed joint account rules in Texas.

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