How does a joint owner account work?
This is an account of two or more persons. The first-named person is the primary owner, and, in case of their death, the money passes to the other named person(s). A joint share account permits the convenience of having someone else who can deal wih the account. However, since the joint share agreement is also a legal contract between the Credit Union and the persons named in the joint share agreement, it creates certain legal rights and liabilities. If either of the persons named in a joint share account agreement should die, the money in the account then belongs to the survivor and inheritance tax will be due on one-half of the money in the account. It makes no difference that the person who died did not contribute any of the money to the account and was on the account only for the convenience of the member. In cases of husband and wife, rights of survivorship would apply, therefore no inheritance tax would be due. If the member does not want the other person on the account to get th
