Message Font: Serif | Sans-Serif
No. of Recommendations: 0
My wife has a joint acct with her father. He has essentially no assets; in fact he may die with the estate owing debts. The money in the joint acct was all his,he put it in there so it would pass to my wife on his death without going thru probate.

Two questions:
1) If he dies with debts, will that money actually pass to my wife or does it belong to the estate until the debts are paid?

2) Is there any way that having that joint account will somehow obligate my wife for any of his debts (or at least above and beyond what is in the account)?


Print the post  


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.