Q: My father’s banker told me after my father passed away my father left his checking account solely to me after I paid all his bills. My brothers think that I should have to split up this account with them. My brothers left my father at the hospital and I took care of him for the remainder of his life. Do I really have to split the money that he left solely to me according to the banker? (Baldwin, PA)
A: If your father has your name on the account as a joint owner it is likely that you are a joint tenant with right of survivor. This means you own the account the minute your father died. Your brother’s have no right to this account, and you can do what you want with it. You will need to pay inheritance tax on half the value of the account.