Can I write checks from my mothers and my bank account for 2 siblings to get a 1/3 after her death and who pays tax?

Question

My mother passed away last week.  There is a bank account with about $150,000 that is in my mothers name and my name.  Can I write checks to my 2 siblings for 1/3 of that amount and will they/we have to pay any tax?

Cedulie Renee Laumann · Answer

Generally speaking, how a bank account will be disbursed will depend on how the account was titled.  If, for instance, an account is titled as tenants in common, then a portion (typically 1/2) will need to go through an estate while the remaining portion would not.  On the other hand, bank accounts titled as joint tenants with rights of survivorship will typically give the surviving owner immediate rights to disburse.   Sometimes someone is listed on a bank account not as a co-owner but as an authorized signer and the entire account needs to go through the probate estate.  
 
There are several different taxes that may come into play when a person dies -- these include federal death (estate/gift) taxes, state death taxes, state inheritance taxes, probate fees/taxes, income taxes and so forth.  Most of the time property inherited by children will not have inheritance tax in Maryland although larger estates may have death taxes.    
 
Specific questions about disbursing specific assets cannot be answered in an online discussion board.  You are encouraged to talk to an attorney who can look at the way specific assets are titled and offer you advice.

Q: Can I write checks from my mothers and my bank account for 2 siblings to get a 1/3 after her death and who pays tax?