If my name is on my father’s bank account and he dies, is the money considered mine immediately or does it go through the estate process?

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If my name is on my father’s bank account and he dies, is the money considered mine immediately or does it go through the estate process?

Asked on June 11, 2014 under Estate Planning, Colorado

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 7 years ago | Contributor

You are doing a little estate planning here.  If you are listed as a joint owner of the account it will pass to you automatically upon your Father's death. There could be tax consequences of earned income here so seek some guidance.  Good luck.


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