• FreeAdvice has a new Terms of Service and Privacy Policy, effective May 25, 2018.
    By continuing to use this site, you are consenting to our Terms of Service and use of cookies.

Bank Account

Accident - Bankruptcy - Criminal Law / DUI - Business - Consumer - Employment - Family - Immigration - Real Estate - Tax - Traffic - Wills   Please click a topic or scroll down for more.

nancylav

Junior Member
What is the name of your state (only U.S. law)? Pa
My Father and I have had each others names on our banks accounts since 1982
I am finding out that if he would pass that I would not be entitled to the money in that account that it may go to the estate... ???? True?
Or would I have to pay inheritance on half?
He has a will and really the only thing that he actually owns is his car..
Would this money be considered part of an estate? Would he have an estate considering he has a will and no real property?
I know I have a few questions here thats why I elaborated on the information.
 


Antigone*

Senior Member
What is the name of your state (only U.S. law)? Pa
My Father and I have had each others names on our banks accounts since 1982
I am finding out that if he would pass that I would not be entitled to the money in that account that it may go to the estate... ???? True?
Or would I have to pay inheritance on half?
He has a will and really the only thing that he actually owns is his car..
Would this money be considered part of an estate? Would he have an estate considering he has a will and no real property?
I know I have a few questions here thats why I elaborated on the information.

You have to find out how the bank account is set up. If it is a joint account then both of you own those funds. Those funds would be just as much yours are they are his.

but again...please ask your bank for further clarification.
 

anteater

Senior Member
My Father and I have had each others names on our banks accounts since 1982. I am finding out that if he would pass that I would not be entitled to the money in that account that it may go to the estate... ???? True?
Who or what are you finding this out from? "..names on our bank accounts.." is not specific enough. If they are joint accounts with right of survivorship, then the surviving owner becomes the sole owner outside of probate.

Or would I have to pay inheritance on half?
Presuming you mean PA inheritance tax, yes, inheritance tax would be owed on the value of the 1/2 passing to you. PA inheritance tax does not recognize the concept of convenience accounts nor does it bother itself with who actually contributed funds to jointly owned accounts. It considers all joint owners to own a proportional share of the account. And, if you should happen to pass away before your father, inheritance tax would be due on your share of the accounts passing to him.
 

Find the Right Lawyer for Your Legal Issue!

Fast, Free, and Confidential
data-ad-format="auto">
Top