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Q: When a joint account owner passes away, who then becomes the “primary owner” on the account?
A: From a legal standpoint, each joint owner has equal standing, meaning that each of them owns the account unless one account holder expressly states otherwise.
When a joint account owner passes away, the “joint” now becomes the “primary” because the surviving account holder is now the sole owner. The surviving owner then is entitled to continue using the account and the funds in it. The concept of labeling someone a “primary” really just designates which owner’s social security number is reported to the IRS but doesn’t entitle one owner to anything more than the other.