Joint Account Trap: "Either or Survivor" Clause Can Lead to Legal Battles

• The "Either or Survivor" clause in joint accounts simplifies banking but doesn't determine legal ownership.
• Upon death, the deceased's share belongs to legal heirs, regardless of who receives funds from the bank.
• Without a will, succession laws apply, allowing heirs to claim their share in court, even if the survivor withdrew all funds.
• Legal disputes can lead to frozen accounts, stay orders, and the survivor having to return money or provide an account.
• To avoid disputes, create a clear will, consider separate accounts for large investments, and seek legal advice.