QUESTION
Who is liable for the estate if my father dies?
Asked on Aug 03rd, 2011 on Estate Planning - Georgia
More details to this question:
If my father has my sister as joint owner on his checking and savings accounts, and he dies with an outstanding loan that he has signed a personal guarantee. Who is liable for it his estate or my sister that owns the checking accounts.
3 ANSWERS
Business/Commercial Attorney serving Centralia, WA
at
Olson, Althauser, Samuelson & Rayan, LLP
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His Estate would be liable for any outstanding debts. The joint ownership accounts are non-probate assets and would normally pass to your sister. However, if the estate is insolvent, meaning there are not enough assets to pay all of the liabilities, a creditor may seek to recover from the non-probate assets.
Answered on Aug 05th, 2011 at 12:05 PM
Trusts and Estates Attorney serving Jacksonville, FL
Partner at
Law Office of David M. Goldman PLLC
3 Awards
The estate is responsible, and depending on how the account is styled, the money in the account may not be available to pay the debt.
Answered on Aug 05th, 2011 at 10:29 AM
Glen Edward Ashman
His estate. The money in the joint account is not part of the estate.
Answered on Aug 05th, 2011 at 8:27 AM