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A husband and wife passed away simultaneously in a house fire. They have a joint deposit account with a right of survivorship, but each has a separate executor. How do we disburse the funds in the account? – IBA Compliance Connection

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A husband and wife passed away simultaneously in a house fire. They have a joint deposit account with a right of survivorship, but each has a separate executor. How do we disburse the funds in the account?

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Under Illinois law, if two people with joint tenancy in a bank account die simultaneously, the account “shall be distributed 1/2 as if one had survived and 1/2 as if the other had survived.”

For resources related to our guidance, please see:

  • Illinois Simultaneous Deaths Statute, 755 ILCS 5/3-1(c) (“If 2 persons hold title to property as joint tenants, the property shall be distributed 1/2 as if one had survived and 1/2 as if the other had survived.”)