I am the beneficiary To my aunts checking and savings account and she has debts what do i do?
My aunt died a week ago and i found out i was the beneficiary on her checking and savings account. There is about ,000 dollars in the savings account. Her debts come to about 00 and she owed 0.00 in back taxes to the state. She really didn’t have possessions worth anything, just furniture, clothes and kitchen items. My questions are.. Do i have to wait to take out the money until her debts are paid or can i take it out when i get a death certificate? Do i even have to pay her debts? I live in California
Also there is no will because this is all she had and there is no executor .
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There’s something confusing in your question. You wrote, "…i found out i was the beneficiary on her checking and savings account." How did you find out? Who told you? The bank didn’t tell you because there are no beneficiaries named on checking and savings accounts. Therefore, someone else must have told you that she left you that money. But how did she leave the money to you? Was it in writing? If so, that’s her "will." If she didn’t leave it to you in writing, are you just assuming it’s yours for some reason?
The bank won’t just hand the money over to you. If there is no will, she died intestate and a court will determine who gets the money — after all of her bills are paid off. So yes, you’ll have to wait until the courts decide who is entitled to your aunt’s money. And no, you can’t take out the funds as soon as you get a death certificate.
This is NOT your money yet. The money passes to you AFTER the bills are paid.
Find out who the executor is.
Her debts must be paid. The bank will require proof you are the beneficiary
Checking and savings accounts do not have "beneficiaries" as such. Did she have a will? Who is the executor? You probably mean you are a beneficiary of her estate. The estate has to be probated first – that will take quite a bit of time.