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William B. Esq.
William B. Esq., Attorney
Category: Legal
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Experience:  Civil litigation attorney for individuals and businesses.
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My wife died 8 years ago and I forgot to close her savings

Resolved Question:

My wife died 8 years ago and I forgot to close her savings account. I am the ececutor. If I put money into that account can a creditor reach in and take money in a legal action to collect on a debt that is only mine.
Submitted: 1 year ago.
Category: Legal
Expert:  William B. Esq. replied 1 year ago.

William B. Esq. :

Dear Customer, Who are the beneficiaries for your wife's estate?

Customer:

I am

Customer:

I am assuming this but can not be certain... I am the executor

William B. Esq. :

Unfortunately, as the only beneficiary of the estate, any assets in the account (or other assets in the estate), including those already in the account or those that you deposit in the account later, are subject to levy by your creditors.

Customer:

thank you

William B. Esq. :

Does your wife have any other heirs? (Children etc.)

William B. Esq. :

Or did she have a will or other document?

Customer:

yes 2 children

Customer:

she had a will

William B. Esq. :

Did the will specify who would receive the cash assets (or assets in the account)?

Customer:

I think the proceeds passed to me and then I pass them to the children there was a step up in value for art and an appraisal at the time

Customer:

I do not think there was any reference to cash accoutns or otherwise

William B. Esq. :

The assets are subject to levy as you are the sole and primary beneficiary at this time, thus creditors are entitled to levy on your assets, including this one. (Unfortunately, the will would not alter the fact that any amounts you deposit after her death are still subject to levy as they are not part of her estate, the estate is created as of the time of her death).

Customer:

pokay thank you very much

William B. Esq., Attorney
Category: Legal
Satisfied Customers: 4196
Experience: Civil litigation attorney for individuals and businesses.
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William B. Esq.
William B. Esq.
Attorney
1993 Satisfied Customers
Civil litigation attorney for individuals and businesses.