QUESTION
Who has to pay for a contract signed by the co-owner of a joint account after he dies?
Asked on Dec 07th, 2013 on Estate Litigation - New Jersey
More details to this question:
The co-owner of a joint account has signed a contract shortly before he dies. The invoice was received after his death. Does the invoice for such a contract have to be payed from the joint account by the surviving co-owner or from the (probate) estate of the deceased? The joint account was set up by the deceased so that his bills can be payed in case he becomes incapable.
1 ANSWER
3 Awards
I will answer this the way i understand it the question. generallu, the joint account should have nothing to do with the contract. Unless, there was some weird agreement in the contract that it was to be paid from the joint account. WHen a person dies property held in their name only, become assets of their estate. jdebts and bills for services provided to them in their name only, are now debts of the estate. jointly held property, is not part of an estate. Don't call me, but talk to a local NJ attorney for more answers.
Answered on Dec 07th, 2013 at 9:42 AM
William R. Pelger, Attorney Munhall, Pennsylvania 412-461-1900