Legal Question in Wills and Trusts in Utah

If i have checking account in a friends name and my name , that is used by my friend only, what is the law concerning this money after his death? He thinks that since it is in both our names the money will goto me, but I think that it would go into his estate since they can track all the deposit from him. He has given me power of attorney, but i dont think that will matter since he selected someone else a long time ago to be his excecutor of his will, he wants to change it but it seems to cost a lot of money to change a will.


Asked on 8/13/10, 9:43 pm

1 Answer from Attorneys
Cory Wall Cory R. Wall, Attorney at Law, P.C.

If you're the co-owner of the account, upon your friend's death all of the funds would go to you. However, you should double check with the bank to make sure there isn't a "payable on death" provision that pays out to a third party in case of death of one of the account holders.

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Answered on 8/19/10, 6:37 am


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