Largo, FL asked in Banking and Elder Law for Florida

Q: My Aunt recently passed away and in her older years my mom’s name was on her bank. My aunt took out a forced loan

My mom was not aware of this loan nor was she in the loan. Is she still responsible for the amount owed?

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1 Lawyer Answer
James L. Arrasmith
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  • Elder Law Lawyer
  • Sacramento, CA

A: In this situation, your mom's responsibility for the forced loan would depend on the specific circumstances surrounding it. If your mom's name was simply on the bank account for administrative purposes or as a joint account holder, it doesn't necessarily mean she's automatically liable for any loans taken out by your aunt. However, if your mom co-signed or guaranteed the loan, she could potentially be held responsible for the debt.

It's crucial to gather all relevant documentation related to the loan and your aunt's financial affairs to understand the details of the arrangement. Review any agreements or contracts associated with the loan to determine your mom's legal obligations, if any. Additionally, consulting with a legal professional who specializes in estate matters or financial law can provide clarity on your mom's rights and liabilities in this situation.

Remember to approach this matter with caution and thoroughness, as estate matters can be complex and emotionally charged, especially in the wake of a loved one's passing. By seeking appropriate legal guidance and understanding the details of the loan agreement, you can navigate this situation more effectively and protect your mom's interests.

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