- Jurisdiction
- California
My dad and I had a checking acct and a cd acct in joint tenancy at a bank. HE died. I had no problem getting the money and having his name removed.
I want to open a new CD and checking acct, but I have no spouse or kids. I have no will, so If I open the accts in my name only and I die, the money may be lost, unless a cousin of mine flies a claim or suit or whatever the procedure in CALIF is.
My initial idea was to add my cousin, who lives in Oregon, as joint tenant, but I remember reading that I could become responsible for her debts. IF she were in a bad car accident or defaulted on a credit card and a judgment were issued against her, the money in 'our' cd & checking accts would be subject to garnishment.
I then thought of Opening a POD account and putting my cousin as the beneficiary. IF my cousin then had a judgment entered against her, would this type of account, namely POD, be in jeopardy of garnishment? I asked the bank, but got no answer besides a shrug of the shoulders, which shocked me, as I figured that a banker would know.
Thanks
I want to open a new CD and checking acct, but I have no spouse or kids. I have no will, so If I open the accts in my name only and I die, the money may be lost, unless a cousin of mine flies a claim or suit or whatever the procedure in CALIF is.
My initial idea was to add my cousin, who lives in Oregon, as joint tenant, but I remember reading that I could become responsible for her debts. IF she were in a bad car accident or defaulted on a credit card and a judgment were issued against her, the money in 'our' cd & checking accts would be subject to garnishment.
I then thought of Opening a POD account and putting my cousin as the beneficiary. IF my cousin then had a judgment entered against her, would this type of account, namely POD, be in jeopardy of garnishment? I asked the bank, but got no answer besides a shrug of the shoulders, which shocked me, as I figured that a banker would know.
Thanks