Decedent opened a joint bank account in the name of himself and his daughter. Only two deposits were made, both by him, and solely from his funds. Decedent died intestate before any withdrawals had been made. The administratrix of his estate contended that the funds remaining in the joint bank account constituted an advancement to the daughter, and sought to have them brought into hotchpot in determining the distributive shares of the other heirs. A Colorado statute provided, inter alia, that when such a joint deposit is made, it may be paid to any one· of the joint depositors whether the other is living or not, and shall be deemed owned in joint tenancy with the right of survivorship. The lower court held that the joint deposit constituted an advancement to the daughter and must be brought into hotchpot as part of decedent's estate. On appeal, held, reversed. Such a joint bank account is not an advancement in the absence of an indication by the parent to make an irrevocable gift and surrender of all possession and control of the account. Nothing in the record indicated any intent on the part of decedent to make such a gift. Further, by virtue of the statute, decedent retained control of the account with the absolute right of withdrawal. Albers v. Young, (Colo. 1948) 199 P. (2d) 890.
James F. Gordy S.Ed.,
WILLS-ADVANCEMENTS-JOINT BANK DEPOSIT AS ADVANCEMENT TO CHILD,
Mich. L. Rev.
Available at: https://repository.law.umich.edu/mlr/vol48/iss1/21