What happens to a joint checking account after the death of one of the owners?

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What happens to a joint checking account after the death of one of the owners?

I had a joint checking/savings account with my mother who passed away 2 weeks ago. She had a reverse mortgage payment that funded before she died of $23,000 added to the checking account. The bank has stated that I am now the sole owner of that account and the funds in it. My sister is the executor of the estate and there is a will leaving the assests to be divided equally between us. As the bank account is now in my name only, does the money in that account qualify as part of her assets that need to be used to pay off her hospital bills, or is it exempt?

Asked on March 7, 2012 under Estate Planning, Washington

Answers:


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