Legal Question in Wills and Trusts in Arizona
distribution of cash assets
My widowed mother has a will that states all her cash goes to my half-brother. However, when my father died in 2003, my mom added my name to her checking account. Will I be obligated under her will to give these funds to my brother upon my mother's death or do they fall to me?
1 Answer from Attorneys
Re: distribution of cash assets
It depends.
"Added my name" might be one of four things:
1. It is a joint account. You automatically own the funds on her death and it does not pass under her will.
2. It is a P.O.D. designation (pay on death) to you. You get the funds, they do not come under the will. You deal directly with the bank to get your money.
3. You are an additional signer. The money is not yours, it goes under the will.
4. You are power of attorney. That lapses upon her death, and the funds go under the will unless there is a P.O.D. etc.
Good luck.
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