QUESTION
I was Power of Atty and co-tenant on financial investment account for a friend for 12 years
Asked on Mar 19th, 2016 on Wills and Probate - California
More details to this question:
When she passed, I became sole holder of investment account. Her relatives were aware that I was co-tenant on this account. If my friend .;eft a will granting her estate to relatives, is this account affected?
1 ANSWER
Estate Litigation Attorney serving Redlands, CA
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Price Law Firm, APC
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The power of attorney terminated at the passing of your friend. I'm uncertain of how the title was held to this investment account? You should show a statement to an attorney to verify. If it was held as joint tenants with right of survivorship, then you own the account. If you are a trustee of the account, then you must distribute the investment account according to the terms of the trust.
Answered on Mar 19th, 2016 at 4:23 PM