What is a joint account holder’s liability?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
What is a joint account holder’s liability?
Ny mother dies 3 months ago without a Will. I was on her bamk accounts. The bank is now asking that I repay the overdraft protection amount. Do I have to? I have asked the bank for a copy of the form stating I would be responsible for the debt. Haven’t seen one yet. The amount is $4000 right now.
Asked on November 28, 2012 under Estate Planning, Indiana
Answers:
Catherine Blackburn / Blackburn Law Firm
Answered 11 years ago | Contributor
I cannot answer your question with the information you provided. Being "on the account" means that you are a joint owner of the account with your mother. However, it does not mean you are responsible for your mother's debts.
What is missing from your question is how the account became overdrawn by $4,000. If you wrote checks or made other debits to cause this, then you are responsible for it. If your mother did it, you probably are not responsible. If the overdraft occurred because of automatic debits to the account, and you could have stopped the automatic debits, you may be responsible for them.
I suggest that you take every action you can to stop further overdrafts. Then you should consult an attorney in your area about your responsiblity for the existing overdrafts. If you had something to do with causing the account to be overdrawn, you may be responsible for it. In some instances, causing an overdraft could be a crime, so I suggest you take care of this rather than ignore it and hope it will go away.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.