Grand Terrace, CA asked in Probate for California

Q: If I was the beneficiary on late fathers bank account am I responsible to pay off his credit cards?

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2 Lawyer Answers
James Edward Berge
James Edward Berge
Answered
  • Estate Planning Lawyer
  • San Jose, CA
  • Licensed in California

A: No. A beneficiary on a beneficiary designation account is not liable for the account owner’s debts and the creditors of the deceased owner have no recourse against the account proceeds either.

Tim Akpinar agrees with this answer

Bill Sweeney
Bill Sweeney
PREMIUM
Answered
  • Probate Lawyer
  • San Juan Capistrano, CA
  • Licensed in California

A: Assets that pass directly to heirs often don’t have to be used to pay the estate’s debts. These assets can include “pay on death” bank accounts, life insurance policies, retirement plans and other accounts that name beneficiaries, as long as the beneficiary isn’t the estate.

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