Legal Question in Wills and Trusts in New York
Durable Power of Attorney
On December 20, 2008 my father passed away, for whom I was durable power of attorney. On January 5, 2009 my mother (for whom I was durable power of attorney) passed away. My parents had a will for which my sister and I were equal executors. There is an established estate in my parents name, do I have to account for any monies that my parents had in a joint checking/savings account prior to January 5, 2009 when my mother passed? I was maintaining their home, paying living expenses, and medical bills out of this account. After January 5, there is $0 balance. Do I have to account for monies spent prior to January 5th? There is an estate account that money has been collected in from stocks and bonds that will be split equally between my sisters and I.
1 Answer from Attorneys
Re: Durable Power of Attorney
Q. Do I have to account for any monies that my parents had in a joint checking/savings account prior to January 5, 2009 when my mother passed?
A. I do not know what you mean by "do I have to account?" Account to whom?
However, to try to answer your question, since there was a joint account with Mother and Father, account automatically passes upon death of Father to Mother. When Mother passes the money goes to estate. As the executor of the estate, you would have to account for money after passing of mother - on January 5, 2009.
Mike.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
