Your question is a little confusing...
I'm going to disregard the executor part. The executor will only come into play during probate proceedings- all property to pass via the will.
If there is, as in your case, a bank account with a survivorship claus, it does not pass through the will but goes to the survivor. (That person must pay inheritance tax though). Therefore, this property is not admitted into probate.
Let me know if this is not the question you intended to be answered. The executor really plays no role in your question.
** The person after me indicated you may pay inheritance tax on 1/2 of the value. That is true in the case of a joint account, where you were joint with the decedent. Then, half is already yours and the other half you inherit and pay tax on. In your situation, you are inheriting the entire account as you had no rights to the funds prior to death. Therefore, it will be 100% taxable.
2007-11-04 13:11:12
·
answer #1
·
answered by jkersman01 3
·
0⤊
0⤋
If you are named as: "joint tenant with right of survivorship" on an account, the account passes directly to you. (There may be a tax burden on 1/2 the value of the account). It is not subject to probate.
If you are named Executor, you have legal responsibility for the proper distribution of the Estate
according to local law and the terms of the Will.
The Probate Court supervises this.
Seek legal advice. You will need it.
2007-11-04 14:09:42
·
answer #2
·
answered by Irv S 7
·
0⤊
1⤋