QUESTION
Do I need to open an Estate Account?
Asked on Jan 05th, 2016 on Wills and Probate - California
More details to this question:
I received her final paycheck from work for only $88 and it says payable to her estate. Can I deposit it in my checking account? She also had a life insurance policy I am the beneficiary, can that be deposited in my checking account. . She had no property in her name. We had a joint checking account and a time share in both our names. She has several credit cards and medical bills that are unpaid.
1 ANSWER
Estate Litigation Attorney serving Redlands, CA
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Price Law Firm, APC
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No, you cannot co-mingle your funds with funds of the estate, no matter the amount. So please do not deposit the $88 in your own personal account.
If you are the beneficiary of life insurance proceeds, then those are your funds and you can deposit that money in your account.
You are not personally repsonsible for the debts of the decedent.
Answered on Jan 18th, 2016 at 5:33 PM