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Not sure about where you live in but in Texas that only works IF the estate doesn't have to go through probate or something or other - I checked into it and it wouldn't work in our circumstances.
I'm in Texas and I had 'avoiding probate' in general in mind in this thread but you are right. You have to say on the form that there is no need to probate/don't intend to probate.
Mom has been on my savings acct. For decades. Anything happens and either she or her legal can access all my accounts as they're linked. She's 90 this year so, yes, I'm considering a change/modify to nclude someone who needs their college paid!
Mom has been on my savings acct. For decades. Anything happens and either she or her legal can access all my accounts as they're linked. She's 90 this year so, yes, I'm considering a change/modify to nclude someone who needs their college paid!
Do not put anyones name on the account but yours. Have the person you want to get the money be a beneficiary on the account. This is usually done with a TOD or POB after their name. The bank can tell you how to do it.
My bank accounts are joint accounts. When one of us dies, the other knows to add PODs to the accounts.
Our investment accounts are joint accounts when possible and when not, we have beneficiaries named.
One thing that people often overlook is the necessity in some states (including "common law" states) to include BOTH spouses on the titles of vehicles, homes, etc. Especially vehicles. We found this out the hard way when my dad passed away and his truck was only in his name. It had to go through probate of all things. My son in law wanted to buy it but couldn't process the paperwork till the estate was probated. Pain in the arse. It had to be turned over to my mom first and THEN she could sell it to him. All requiring time, money, and unnecessary hassle. So now my husband and I make sure that every asset we can possibly put in both names is actually in both names.
My Dad had one CD at the bank in his name only. We don't know why, perhaps an oversight, everything else with their estate was joint, including the car. It had to go through which took four months. The lawyer told us the entire state was open to probate, not just the CD. There were no issues, just time and the lawyers fee.
A POD is A simple solution for our simple estate, I didn't know about them and was thinking of a joint account.
Yes. Although one of my online accounts doesn't have that option. I also had to pull teeth to get one of my banks to understand what I wanted but in the end they figured it out.
Do not put anyones name on the account but yours. Have the person you want to get the money be a beneficiary on the account. This is usually done with a TOD or POB after their name. The bank can tell you how to do it.
It depends on the situation. I was on my Mom's account and that came in handy.
What if you want an account to go to a charity or organization? Can you just name it? Or does it have to be more specific?
I would ask your bank directly. Do you already know which charity you want?
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