In re Estate of Calvert Hugh Fletcher

Once funds are withdrawn from a bank account held by a married couple as tenants by the entirety, the funds cease to be entireties property.Husband and Wife in this case deposited funds in a joint checking account designated with a right of survivorship. Husband later withdrew the majority of the funds from the joint account and placed them in a certificate of deposit (COD) issued solely in his name. After Husband died, the trial court concluded that the COD was an asset of Husband’s estate because the funds ceased to be entireties property when withdrawn from the joint account. The court of appeals reversed, ruling that the COD belonged to Wife because the funds were impressed with the entireties and could be traced to the joint account. The Supreme Court reversed, holding that the COD issued to Husband from funds withdrawn from the joint bank account belonged to Husband’s estate, not to Wife. View "In re Estate of Calvert Hugh Fletcher" on Justia Law