If I have a joint checking account with my sister and mother, when my mother passes does the money in the account automatically go to us or does it go through probate?

My mother put all the money into the account so that we can pay her bills. Are there gift tax implications?

Asked on March 28, 2014 under Estate Planning, California


Anne Brady / Law Office of Anne Brady

Answered 6 years ago | Contributor

If your mother is dead, you and your sister should have no problem writing checks on the account to pay for funeral expenses.  Once that is done, if there is any money left, you should take a copy of your mother's death certificate to the bank and close the account, and you and your sister can divide up the money.  There are no gift tax implication with this sort of account.

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