What happens to a joint account when a co-owner dies?
Last updated: 2026-07-12 · Educational content; not legal advice.
Short answer
It depends first on how the account is titled. An "and/or" joint account lets either holder transact alone, so the survivor can generally continue to operate it; an "and" account normally needs all named holders to act together, so the survivor cannot transact alone without settling the deceased's interest. Either way, a co-owner's death triggers tax rules: the deceased's share of the deposit forms part of their estate, and under the TRAIN Law (RA 10963, amending NIRC §97) a bank that knows of the death may allow a withdrawal only subject to a 6% final withholding tax on the amount withdrawn — for a joint account, on the deceased's share — with withdrawal without prior estate-tax clearance allowed within one year of death (BIR Revenue Regulations 12-2018). Being a survivor on the title does not by itself make the whole balance yours; the deceased's share still passes through their estate.
Primary sources
Frequently asked
Can I just withdraw everything as the surviving joint owner?
Not automatically. With an "and/or" account you can generally still transact, but the deceased's share is part of their estate and a withdrawal after the bank knows of the death is subject to a 6% final withholding tax on that share (RA 10963 / RR 12-2018). With an "and" account you usually cannot act alone.
What is the 6% tax on a deceased's deposit?
Under the TRAIN Law (RA 10963, amending NIRC §97), a bank aware of the depositor's death may allow a withdrawal subject to a 6% final withholding tax on the amount withdrawn (for a joint account, on the deceased's share). BIR RR 12-2018 allows this within one year of death without prior estate-tax clearance.
Does 'and/or' vs 'and' really matter?
Yes. "And/or" lets either holder transact alone; "and" normally requires all named holders to sign together. It affects who can operate the account after a death — but it does not change that the deceased's share still passes through the estate.
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