If my brother passed away and left money in CD’s with me as beneficiary, am I liable for any of his debts?
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If my brother passed away and left money in CD’s with me as beneficiary, am I liable for any of his debts?
He had no Will; there’s no power of attorney or exectior. He owed on his house, and car, which will be given back to the bank since no one can afford them or wants to go through trying to sell them. Can the bank or car loan people take the CD money from me?
Asked on April 28, 2013 under Estate Planning, Kentucky
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
If your brother passed and there was a bank account or accounts in your name such accounts are yours. Conceivably in the event of a lawsuit for a deficiency if an obligation owed on the car or home, the money that you received could be sought but the chances of such based upon my experience is remote.
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