I am on my grandparents checking account, they both passed away, am I entitled to use this money?

Question

Everything is going through probate right now, but there is money in their checking account, I was their POA & becoming executor of their account.  My name is also, on their checking.  Am I entitled to use that money?

Douglas Tull · Answer

It depends.  You should consult with an attorney and tell him all the facts before an answer can be provided.

Monica H. Donaldson Stewart · Answer

This answer may be oversimplified, because I have no information about how the account is titled, whether you contributed funds to it, whether there are other "heirs" who might make a claim for the funds as part of the estate, etc. If you are a co-owner of this account, then as the surviving account-holder, the funds may be yours. The account wouldn't go through probate if there is still a living owner of the account. I recommend you consult with an attorney to discuss this matter in greater detail.

Victor Waid · Answer

Ask your probate lawyer, as I don't know whether you were a joint tenant on the account or were a pay on death beneficiary, or had only power to pay their bills.

James Frederick · Answer

If you were on the account as a joint owner, then the account now belongs to you. If you added your name to the account while acting under the POA form, that would have been arguably improper, and you should turn the funds over to the estate. Otherwise, the money is legally yours.

Bernard H. Greenberg · Answer

Whether you are entitled to the money in the checking account depends on two factors:     1. Are you on the account as a joint owner or as a convenience signer. 2. Was their intent that this account be part of the estate.  These are not simple questions and may require the assistance of an attorney who specializes in estate administration and litigation.

Richard Keyes · Answer

If you are on the account as a co-owner, then the funds in the account are yours by operation of law.  However, if you were just on the account as POA, then the account needs to go through probate.

Erven Nelson · Answer

Every power of attorney terminates with the death of the person who signed it.  As executor, you can use some of the money to pay expenses but you must account for it.  Since it is in probate, you should run everything by the probate judge.  That is not your money, so be careful and get a good probate attorney to help.  If the checking account specified that it would go to you upon their deaths, you may have a right to it. If the account specified you as a signer, not an owner or successor,  that is not your money.

Christine James · Answer

It depends on how you are listed on the account.  Check with the bank.

Brian Haggerty · Answer

If they made you a joint owner of the account, there is a presumption that it is your money. However, if you believe that they did that simply for convenience, and did not intend a gift to you, then you should include that account in the probate (assuming there are other children and grandchildren who are entitled to a share of the probate).

Dara J. Goldsmith · Answer

It depend upon how the account was titled. If it is a joint tenancy then you are the owner. If you are the account beneficiary as set forth at the bank, then the account is yours. I suggest you bring the death certificate to the bank to check on the status. If it is an estate asset, then you only have access as a fiduciary once you are appointed by the court in accordance with the terms of the appointment.

Thomas Edward Gates · Answer

You are entitled to all of the money if no one else is on the account.

Norman Green · Answer

When you say you are "on the account" do you mean it was a joint account, or merely that you are a signer on the account? Check with your probate lawyer about the status of the account.

Kathleen Delacy · Answer

You must be careful because if someone fights, the accounts may be considered accounts of convenience then the accounts would be their accounts only for probate.

Charles Perry · Answer

You should double-check with the bank and/or the attorney for the probate, but the balance in a checking account usually passes automatically to the other account holders if one of the account   holders passes away. Assuming title to the account allows for this automatic transfer, this account does not need to go through probate. If this is true, then you can use the money. Double-check, however, before doing anything.

Charles Cruikshank · Answer

It all depends on the type of joint account that you shared with them. Look at the bank's agreement as to the account and survivorship. If that is not clear to you, ask your lawyer for your appointment for probate of their estate.

Ben Liu · Answer

You should check with the probate attorney. If the checking account is a joint account with rights of survivorship, then you are now the owner if there are no other issues.

Susan Wideman · Answer

Technically, if you are a co-owner on the account, then you now own that money. You should be sure that your grandparents did not have any lien or debts attached to the account before you use the money.

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I am on my grandparents checking account, they both passed away, am I entitled to use this money?

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