I have a joint checking account with my deceased father. He wants the account split between 7 heirs.
Assuming there is an actual will involved here, this could be a mess.
With a joint account, 50% of the balance is yours free and not clear not subject to any split. Additionally, if the account was set up as JTWROS (Joint Tenancy With Right Of Survivorship) then all of the money is yours outside of the will, and the will does not override that.
I foresee family problems here, so you should seek legal advice ASAP. Legally speaking the will must be followed to the letter. However, those things such as a bank account that already has things set up with something like JTWROS or life insurance with a designated beneficiary override the will, meaning that part of the will can't be legally enforced in most cases. Seek legal advice.
Note that inherited property is NOT a gift.
