Legal Question in Wills and Trusts in New Jersey

My aunt passed away 2 yrs. ago and left me some money in an account "payable on death" to me. We went together to open this account when she discovered she had cancer and she was assured by the bank (BOA) that was the best way for her to label the account so I would not have a problem getting it. When I tried to get it out, I was told I had to go through her son (the executor of her will) and pay 3,800. to the state of NJ to do so.

This does not seem right as he is nowhere mentioned on those accounts.


Asked on 5/29/15, 1:55 am

1 Answer from Attorneys
Jonathan Chester The Law Office of Jonathan S. Chester, Esq., LLC

The answer will depend on what the will says about who pays the tax. Typically, each beneficiary is responsible for paying the Inheritance Tax incurred on what they receive. However, your aunt's will may direct that all taxes are to be paid from the residuary estate...if that's what the will provides, then the estate would pay the tax, not you.

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Answered on 5/29/15, 5:39 am


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