Legal Question in Wills and Trusts in Maryland

estate and joint ownership

I am a joint owner on savings and checking acct for a friend. She passed away and her son is asking me to close the account, accept a check and endorse it over to an estate account. I am concerned he won't pay back her pension from the Fed. Government and I will be held liable, or get hit with taxes. Will I be liable? will I incur taxes by doing this? I do not want the money, I just don't want to get hit with a bill from OPM and the IRS


Asked on 6/25/09, 3:12 pm

1 Answer from Attorneys
Michael Hendrickson Law Office Michael E. Hendrickson

Re: estate and joint ownership

If the son is the duly appointed executor of his mother's estate and in that capacity has submitted a written request to you for this particular action, you should incur no liability (in my opinion) for anything connected with the transaction by following through with this particualr request as I do not see how you could possibly be responsible for what the executor does (or doesn't do) with these funds.

If in doubt, get another opinion from another attorney who regularly deals with these issues in his or her practice.

Read more
Answered on 6/25/09, 9:44 pm


Related Questions & Answers

More Probate, Trusts, Wills & Estates questions and answers in Maryland