Trust accounts.
1. Except where there is evidence of a trust other than as provided by the form of the account, the account and any sums withdrawn therefrom are presumed to belong beneficially to the trustee until his death. At the death of the trustee or surviving trustee any sums remaining on deposit are presumed to belong to the person or persons named as beneficiaries, if living, or the survivor of them if one or more have died before the trustee. The death thereafter of any beneficiary has no effect on the equal ownership of all who survived the trustee, as survivorship is not presumed to attend the relationship of several beneficiaries who survive a trustee. If no beneficiary survives the trustee the sums are presumed to belong to the estate of the trustee or the last trustee to die.
2. If two or more parties are named as trustees on the account, and there is no evidence of trust except as provided by the form of the account, the account is presumed to be a survivorship account between trustees.
Last modified: February 26, 2006