Q: My uncle has no will.
He does not own property but does have some money in the bank. I am on his bank accounts. Does the money automatically become mine if he passes?
A:
It will depend upon whether you simply have signing power or if the account is a joint account. If it is a joint account, the money will become yours. If it is not a joint account, an estate will clearly have to be opened, and you will need a lawyer. If you check with the bank, they will tell you the type of account it is.
You will have to pay inheritance tax on at least half the account if this is a joint account. I believe, without double checking, that the rate is 12%. You also may have to open an estate. You need to check with a lawyer to see if that is necessary.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
