Legal Question in Business Law in California

My mother died on October 6, 2014. She had some money in a bank account that she had designated me as the beneficiary of. The bank released the funds from her account to me yesterday upon me showing a death certificate to them. I deposited the funds into my account at the same bank.

However, she also had a credit card balance with that same bank. Do I now become liable to make the monthly payments on that credit card or not?


Asked on 11/14/14, 1:05 pm

1 Answer from Attorneys

It depends on how you were designated the beneficiary. If you were joint tenants then no. Otherwise, probably yes. The reason is that a dead person's estate must first be used to pay debts of the deceased before distribution to heirs. In the case of joint tenancy, however, ownership never enters the estate of the deceased. Their ownership simply evaporates in favor of the surviving joint tenant.

Read more
Answered on 11/14/14, 3:10 pm


Related Questions & Answers

More Business Law questions and answers in California