Account Styling and Ownership

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Question:

Who will own the funds? Account titled first line Joe Brown; second line Non-Profit Org. The Non-Profit Org. using the SSN of Joe Brown. There are two signers, Joe plus one other. I have suggested the Non-Profit Org get its own EIN, to clear up any confusion. Will the funds belong to Joe's estate at his death?

Answer:

Account ownership is always a question of state law, so there really isn't anyone who could be assured of the correct answer to this question without knowing what state your bank is in. However, I will offer that I'm familiar with the laws of several states and this would not be a valid form of ownership in any of them.

Beyond that, it is not obvious what someone is trying to accomplish.

First published on BankersOnline.com 4/4/11