I added my daughter to my checking and savings. In case I become incapacitated. She has my list of wishes. My burial is paid for. She is responsible and trustworthy.
My Mother lived with us, I was on all her accounts, she also had all funeral arrangements. She died at age 98 and I couldn’t thank her more for doing all this, it made this so easy when dealing with arrangements.
It's unfair, and I'm entitled are two things that drive me crazy. I was the POA for my mother and also the executor when she died. I'm the youngest of my siblings. My parents knew that I would do right and be fair with everything. I was a signer on my mother's accounts while she was alive. I understood that the money in those accounts were not mine, but the estate's when she died. Besides, when my mother past away all accounts were locked until the proper paperwork was given to the bank. Then that money went into her estate account. We also had her funeral prepaid (hurts with taxes on her but too bad) so that it was easier on all of us. My advice to anyone reading my comment is this. If one parent dies make sure you know where everything is located. Where are the accounts if there is more than one. If your parents were depression parents (like mine were) they will scatter their money all over the place. It took two years to find all of dad's things and get them into mom's name. IT's how mom and dad did things. Some things were in both names (properties and some money) while other things were only in their name. It drove me crazy finding accounts after two years and thinking I had it all organized. Everything was put into accounts that were easily found instead of all over the place. When mom did die, it was easy. Everything was in its place to transfer to the estate account. The other thing we did was have mom's Will re-done with the estate attorney when dad died. Everything was the same except for dad being excluded. Nothing was to change except it was updated. The POA was updated. And her living will was updated to a do not resuscitate as to her wishes. Everything was decided by mom as to how it would go down. No coercing or intimidating. Our estate attorney understood that everything would stay the same, but updated to the current laws.
My mother set up 3 joint bank accounts in California: One for each child. One child ran into trouble with the IRS and took money out of that account. When my mother died, that daughter was a little bit salty that she inherited less than her siblings. After my mother died, I was able to withdraw money without problems.
I added my sons name to my account in the event I can’t function, however I only draw SS and a small pension, that’s it. I babysit my grandchildren and my son is grateful and honest. I have no money but I know not everyone’s situation is the same. You offer good advice 🙂
This is a complicated subject. Depends on the type of bank account (single party, multi-party, convenience, or trust), and the bank agreement / signature card. The authorized signor can be convenience signor, a co-owner without rights of survivorship (and whose rights depend on net contributions), or a co-owner with rights of survivorship (and who assumes complete ownership upon the death of another co-owner; and where probate proceedings do not apply). Best to talk with your banker as he advises.
Wow, I'm that daughter with exception of quitting my job. For the last 20 years, since we moved to US, I've been the one taking care of her. When I did my Will, I asked the attorney about bank accounts and he said just add your name to it. I thought that was enough and had no idea that her account could be frozen, or that I need to check with the bank on their rules about this. Thank you for this and all of your videos.
My lawyer was impressed with the knowledge I had when he sat up my trust, thanks to you. This video clarified what I should do with my checking accounts. Thank you.
At time stamp 7:30 the presenter is correct that you need to ask your bank as to how they will treat each scenario. My dad had two different bank accounts and I was the authorized signer on both. I was also POA and the executor of his will. But when he died each bank treated the situation quite differently.
My parents put me and my brother on their accounts. My mother died first and within 4 years my Dad could no longer take care of things. He went into a nursing home and I took care of all his bills, etc and I never thought his money was mine. The same happened to my aunt. I was on her accounts and she developed Alzheimer’s. Again that is her money for her care. I never felt I was entitled to any of it.
My parents just added me on their checking account. There's 5 of us kids which once they are gone will be evenly distributed. However, I moved back home a year and a half ago to help take care of my parents my dad had dementia unfortunately we just lost him 3 weeks ago and my mother is fighting cancer for the second time. All of this is so incredibly hard. There's a will written up my step sister and I are both executives over the estate to see that everything is handled and divided evenly. I can't imagine when that day gets here and I don't want any part of it truth be told. I moved back home leaving behind my life because both my parents needed me. I was the only one that could or would and I have no regrets. I say I have no regrets but I have this overwhelming fear that when something happens to my mother God forbid it's anytime soon, I'm going to be homeless until I figure something. Its hard days Mom and i are working outside and we sit out on the patio. That's my grandfather's patio, her Dad left her $ and that's what she built in his honor. I have to be rational and tell myself that one of these days strangers will move into our house and I just have to walk away. This is my childhood home is turning out to be a big part of my adult hood home as well. I wish there was a way just to not think about it. Don't say that happening so I just push it in the back of my mind and continue doing what I moved home to do focusing on my mom whatever she needs for me while still grieving for my dad. Life is so unfair so cruel even. Anyway the day will come there's something will happen to my mom and that's when I need to hurry and figure things out for myself like where I'm going to go how I'm going to get through all this and still be sane. That scares the hell out of me. My older sister said that I would have to stay here for 6 months or so that we got everything sorted out and sold they gave me a little bit of Peace but I've never felt so vulnerable and I don't even know why. I'm a survivor so I don't need to know why I'm stressed on it it's just something that kind of consumes me from time to time this weird fear of being put out. I wasn't over the road truck driver and I was very proud of the life I had. But that life is gone for now anyway. I just uprooted and left and gave most of my stuff away so I could hurry and get here. I just try to deal with it because I won't talk to my mom about it she's got enough to worry about without worrying about my concerns. Maybe I'm just complaining for no reason this has been a really hard year and a half and I don't know what to think or what to do about my future. For my siblings life just goes on. I get it it just doesn't seem fair. Wow I feel petty for even saying that. Its just how I feel and I can't deny it.
@@Tlittau3944 hi Tonya..looks like you have so much on your mind right now.. I will pray for you that you start making some type of plans for survival for you ..after this all is over.. you have sacrificed a lot ..you don’t deserve to be worried like this.. maybe you should talk with an attorney and express your feelings ..you definitely need to start planning ..maybe others out there can give you some advice.. meanwhile I will pray that you start to feel more at peace about your future ..you deserve to not have these worries.. while caring for your mom🙏🙏
@@aquilaclark814 Wow, I didn't expect anybody to even read my comment... Let alone be so kind and reply. Thank~You. It is A LOT at times feels like too much. But I manage and TRY not to think about what's possibly around the corner. I don't want to upset anybody especially my Mom. I tell myself if I deserved any peace of mind for what will happen ... Later on down the road... My Mom would talk to me about it... Idk I appreciate you being so nice and understanding... Im not used to that I guess. That's kinda sad now that Im thinking about it. Anyway, prayers are welcome... And appreciated. Thanks Again, God Bless You.
@@Tlittau3944 You have and are doing a beautiful thing for your parents. Everyone should be so blessed. I do wish your siblings would make it right to you financially for your hard work that freed them up. 🙏🏻💜🦋🌈
My sister and I are both signers on our elderly parents bank accounts. We are also equal beneficiaries in their living trust. Makes it very easy when all the parties know where they stand when the parents die.
Well, in a perfect world this may be true. All my siblings knew what was going on and yet my sister, who was put on my mom’s account tried to say the money was hers only! She refused to carry out my mom’s wishes. Made a $30,000 mistake and didn’t think it was her problem. Sad to say we are not on good terms and never really were so no loss there. Good thing a brother convinced her to do the right thing. My parents knew they choose the wrong person to handle their estate but didn’t want to change anything and cause more problems. I think it would have been easier if they did. Money and power changes people. It’s very unfortunate.
@@Dmarieledesma I don't see how that could happen. I physically have the checkbook but there are two signature lines on it and I can't write out a check without my sisters approval and signature and none of us can withdraw any money without the other two (me, mom and sister) signing. I don't know what kind of $30,000 "mistake" can be made because the only thing we use mom's account for is property taxes, any large purchase mom makes or any upgrades to mom's house or rental properties. None of us COULD make any "mistake." Plus, what do you mean they "chose" your sister? If you are all part of the Trust then there is no "head" of the estate - my sister and I are equal owners so I can't decide to do something behind my sisters back or vice versa, even if we wanted to (not that we would), because we would not be ABLE to because we are joint owners - just like my husband can't sell our home behind my back because we are joint owners. If you are saying that your parents just made your 1 sister co-owners of their account, with them, then yes, your sister is correct, it is HERS when they die and she would be entitled to whatever was in that account. If that's NOT what your parents had in mind, then they did the wrong thing for the situation they were trying to accomplish. They basically "gave" her whatever was in that account and you are lucky if you saw any of it. Your story doesn't make sense to me, but I am probably missing a lot of information.
This is sad your sister did this. My parents put me over everything but knew I would make the right decisions. I realize a lot of people don't. I actually take both my siblings with me show them everything. I made a promise before Mom and Dad and brother and sisters I would honor the will and trust and before God. People let greed take over. I wish my Dad was still here but will carry on his wishes
Make certain you are listed as beneficiaries on their accounts or that the trust is. This needs to be taken care of at the bank if it hasn't been already. Just having a will, etc. isn't enough. Arrangements also need to be made in advance at the bank to prevent any issues.
I recently added my son as an authorized signer to my checking account. I have another son who I will be adding once he returns from college out of state. I want someone to have quick access in the event something happens to me. All of my other assets are in a separate trust account, which he and his brother will split 50-50 when I pass. I feel completely comfortable with both sons having access, they are upstanding guys and very financially responsible.
Talk to your banker and make certain you know the difference between a co-owner, beneficiary, and power of attorney. It's really important that you work with your banker to do these things correctly. The personal bankers at my bank were very good about explaining these things to me and helping me through the process.
You give great info. And guidelines and insight into a subject no one wants to talk about. All states have different regulations,laws, etc. But some circumstances are shared by all, like children on title,irrevocable trusts, putting estate in trust for, life estates, you name it! And funny how one child can screw everything up when parents have Alzheimer’s and Parkinson’s and she’s living in their house. She took them to a lawyer with her husband and changed entire will with everything going to her including house. Prior to their death, she added her name to all accounts taking mom with Alzheimer’s and that way the money was hers,not part of estate. She made herself beneficiary to all my parents stocks and IRAS. MY Father was crying when he told me what she did,and when I told my siblings no one would do anything. Too sensitive an issue for them. Didn’t want to cause family tension. My brother and I saw and went to attorney who said it wasn’t worth fighting for unless they had a lot of money…and we’d have to pay him an upfront fee. Fortunately, in NYS the laws have gotten better for reporting elder abuse (including financial). BTW, it was two million dollars after she sold folks house she and her family lived in free for years. Not sour grapes, I have the original will which was division of estate among four children.
Thanks for the helpful info! Not only does it remind me what NOT to put in a will, but also to track down those older policies and see who the beneficiary is that is listed on that policy.
One of my sisters pressured my mother into putting her on her checking account and credit card after my father passed away. She ended up maxing out the credit card (around $15k) and she nearly emptied the checking account. She was only supposed to pick up things at the store that my mother needed. She actually had the gall to ask for another book of checks after this. Of course my mother canceled the credit card and did NOT give her another book of checks. My mother also refused to press criminal charges as she didn’t want to see her daughter go to jail. My brother, other sister, and myself all wanted her arrested but it wasn’t our choice.
The minute my mother died, my brother the executor immediately liquidated their joint bank account and took the money. All of the $$$ that went into the account were hers-SSW,pension
My late father had a large account at one bank and a second small account at another bank. He made me a signer on the smaller one. I only did this twice. To pay a credit card when he forgot before he went on holiday and the second was to pay for his funeral. In Australia, with proof, a bank will release funds for funeral expenses which then seals the account until probate is completed. As I was the only person that knew about the small account I could have drawn funeral expenses from the large account and kept the second a secret and just withdrawn all the funds for myself.
No, I was a co owner of my mom account while she was alive, to help manage accounts that she was no longer able to handle. Once she passed, you work with your accountant and setup a new Trust account, so you don’t have co-mingling of these funds so now you and deal with the trust issues next since I was also the future executor.
Blessings & good karma be with you. I went through that 'losing my home' terror when my man died. 15 years but we didn't marry & he didn't finish his will. His brothers helped me some but I was basically out of my mind with fear. 3 years ago now & finally at peace with how it all worked out. I'm telling you this to say to just hang in there. Do the right thing now & you will have peace of mind later. Hard days ahead for you- sending you sympathy & good wishes. Survive & things will slowly get better. ❤☮🍀
This is where you need a good banker to explain these things to you. Fortunately, my banker did. He explained the difference between a co-owner of the account, a financial power of attorney, and a beneficiary. A co-owner owns the money in the account as much as you do. An example would be a married couple with a joint account. A beneficiary is the person who receives the money in the account when you die. A financial power of attorney is not an owner of the account but is authorized to access the account and make use of the funds for your benefit. Any other use of the funds is illegal. And unlike a co-owner, a power of attorney can be removed from the account by the owner at any time. And that relationship also ends upon the death of the owner of the account. Should you put a child as a signer on your account? No, unless they are acting as your power of attorney. They can, however, be listed as a beneficiary if you want the funds of the account to go to them upon your death. That's a more likely scenario. Now, in this video we have heard all the wrong ways to do this. Let's discuss the correct way. First, you can have a joint account with your spouse. The two of you will then be co-owners of the account. That solves no end of problems. But what if you aren't married? I'm single, will probably never get married, and I live alone. So, I went down to my bank with my brother and I got him listed on my accounts as my beneficiary. If I get hit by a truck, tomorrow, he gets the money in the money in my account. Then we filled out the paperwork to get him named as my financial power of attorney. My banker had the standard forms for my state. Otherwise, I could have brought paperwork from my attorney. Either way, that paperwork was submitted to the bank's legal department for approval. After that happened, my banker called me back. And my brother and I went back to bank to get things finished up. We showed our ID, and my brother was added to my accounts as my power of attorney. The banker explained precisely what that means legally speaking, and I asked about how my brother would access funds etc. My banker then explained my bank's procedures on that. One of the other options on the power of attorney paperwork was to give my brother authority to use my other assets. What this means is that if I'm in a coma, he can legally go into my apartment and secure my belongings. He can even use funds from my account to rent a moving truck, a storage unit, etc. He can also deal with my landlord or conduct any other business on my behalf. The important thing here, though, is that you should select someone responsible who you can trust to handle your affairs if need be. And you want to look at the options on the paperwork and decide which are applicable to your situation.
Thank you! That was an excellent summary. One question: if your brother had a garnishment or debt collection situation would his creditor be able to take (or garnish) funds from your account to pay the outstanding debt your brother has? Just FYI, I live in Pennsylvania. Thanks again.
@@dalepremo3695 Good question. No. As my power of attorney, he can legally use the funds. But only for my benefit. Because the money is still mine. Not his. So, his debt collectors would have no claim on it. That's the distinction between a power of attorney and a joint owner of the account. I retain ownership, but I'm granting him limited permission to access the funds and to use them for specific purposes. If he uses the money for any other purpose, he can go to jail for it. Because, legally speaking, he would be stealing my money. The only caveat is that he is also listed as my beneficiary. So, if I die, the money goes to him. In that case, it would then be his money.
I understand but it's good that he's getting out of breath telling going to the extra length of detailing all this information a godsend yet to pay for this information because you like 500 bucks
Or.... don't have a bank account. Too many people believe you MUST have a bank account. But I get along just fine for decades in not having one. A pretty good % of the population doesn't have one.
My inlaws had my spouse as a signatory and a POD beneficiary to make sure if they were incapacitated someone could write checks and when they died the money could be accessed. They put my spouse on all accounts at each institution and as a signatory for their safe deposit box. They passed rather unexpectedly about 2 years apart. There were 2 other children so they were very clear in their will that the money in their accounts would be used for final expenses first, debts of the estate next and then any remaining would be split 33% with 1% going to the executor, who was a party not included in the will otherwise. They made sure everyone was clear, everyone signed a document acknowledging they understood their wishes. When they passed, we had all original documents in safe deposit and duplicates in a binder. The binder was overnighted to executor, who asked us to go close the accounts and all money was deposited in an estate account the executor established. Children paid final expenses and were reimbursed. Everything went on without a hitch. Because their house was the biggest asset and was in a living trust we didn't have to probate in Washington.
After my father died my mother put me on her account. My father had handled all the finances for 61 years and she was getting to the point that she was not able to handle it.
Paul thank you for your presentations which are valuable specially to senior citizens ,my friends and me. I am taking down notes because these are valuable information. My friends and I are already in our 70s and 80s .kindly speak a little slower so we will not miss the important points. Thank you .
So I am a signer on my mother's checking account. She has a very large equity line of credit on her home that she will never get paid off. The monthly payments for that is attached to her checking account. My concern is whether or not the bank can come after me for the balance of the equity line when my mother passes. Her house and the equity line of credit is in her name only, my name is nowhere on it. But since the monthly payments are attached to the checking account, my fear is that they will try to get the money out of me and ding my credit rating. Is that possible or am I safe from that? I'm not sure if I'm just a signer or a co-owner of the account. I'm going to have to check with the bank on that.
My mother recently passed away and my dad passed away some time ago they had three children she put each of our names on three of her accounts if I am right we are responsible to pay Pa inheritance tax on half of the money house is going through probate I went and found a lawyer to help with the whole process after watching your videos thanks for your help
And give copies in a safe place to access. Because if someone does something illegal on checking account. Like the parents sister or brother getting ahold of the check book. And that account needs to be protected. The back then covers their butt’s for allowing a fraud check clearing in the first place. Then they say who ever is on the signature card, isn’t there! It happened to me. With my grandfather. My grandfather’s brother’s wife, got ahold of his check book. And her daughter wrote checks. I found out. And fought to stop it. Then the bank head person denied any wrongdoing happened. And said I wasn’t on any of my grandfather’s paperwork or card. I had contacted the legal department of the bank first. And had received a letter from the bank acknowledging me on my grandfather’s account. But inside the bank branch itself. It was a whole different situation of corruption. GET COPIES.
As a retired tax accountant, I have seen the IRS clean out a parent’s bank account because of past due taxes of the adult children and children’s college funds cleaned out because of parents past due taxes all because one was a signer on the others account.
Your experience is the fundamental reason I’m so reluctant to put my adult child’s name on anything I own before I die. Not so much the IRS but her and her common-law husband’s non-LLC business liabilities. I can’t ‘take it with me’ when I go, but at least I can preserve it while I’m alive.
@@FR-tb7xh there are several other options. One you can leave it in a trust for her with someone else as the trustee with strict instructions on what to do. Also, you can leave it all to charity. There are a lot of very needy people out there. However, if you do leave it to your daughter, tell her to keep it in a separate bank account with just her name on it so that if they ever split up she can prove that it came from you and that she has a direct line to trace back To your estate. This me and she keeps all of the paperwork concerning your estate. Also don’t make her your executor because it’s likely he will steal from her to pay his bills.
One other sister. He doesn’t have a will or anything in writing but I videotaped him stating this. I’m afraid my sister is just going to take the money from the bank and split it between her and the other sister and leave me out. If this happens will the video hold up in court??
You say that a co-owner cannot keep all the money that is in a bank account because they are a co-owner and that the money is part of the estate, but everyone else says that the person that is a co-owner can go to the bank and withdraw all the funds and there is nothing you can do. Is this scenario only true in your state? Please advise.
He was talking about an individual account with an authorized signer on the account, not a co-owner. The money in the account would belong to the (deceased) individual's estate, not the authorized signer.
That is 1/2 true as a co-signer you are an owner of the account unless you found a small bank like Tradition that was purchased by a national bank. They are Grandfathered with many laws. Less a portion is listed to whoever. Like our savings account, J gets 1/2 of the account and I get the other account. Since we set it up that way and he is the child from the first marriage
Great Info Paul, I'm 'the 74 yr old child', (executor)whose name was on my parents account, now they have passed. I divied-up equally account assets, (100K)5 ways w/my 4 siblings. Still not sure how Ohio Taxes will view-that?? Will be watching all your videos. Thanks again, for providing all this important info..
Unless the family member trustee decides to close out trust and open joint bank account with one of the other beneficiaries... Remaining two beneficiaries caught it in time for trust company to claw it back and keep the trust active for the benefit of the other beneficiary who has "special needs" as original living trust provided. Knowing who was trustee, it never occurred to us such a betrayal was possible over a quarter million dollars. She resigned and the company is sole trustee and provides funds as requested by any of the three beneficiaries for the fourth.
I haven't seen all your videos but I have two cars in the U.S. My eldest daughter is on title an or owner. She can sell the car out from under me. I live overseas. It's a car. Food for you videos.
Any child or relative that is trusted to have their name on a loved ones bank account has a moral duty to act as that relative would want done. It’s disgusting to hear about the greed people show when a loved one dies. I’ve seen and heard of it many times and it sickens me. It is a rough situation when siblings wash their hands of helping care for a loved one and that one stands up and takes almost full responsibility and then when the day comes to talk about the estate they stand there with their hand out looking for a payday. SMH how vile. I have siblings and I think these reasons are precisely why my mother named me executor, Durable-power of attorney, Health care proxy etc... my siblings were informed and also asked and they agreed I was the best fit but something tells me when that horrible day comes they may not see things the same way. One has already made it a point to tell me if anyone keeps the house the rest have to buy her out...wtf kind of thing is that to say? I’m not even going to those details in my mind yet she’s “letting me know this” smh 🤦🏻 greed almost has zero boundaries.
Question. If my brother is given guardianship over my which he has recently petitioned to become, and she (god forbid passes soon after) what happens to the monies and her assets such as her 1.5million dollar home which she has willed to her three children? Does he keep all that for himself?
My bank has an option called POD or payable on death. I set my wife up as POD and upon my death, she can access the money in the account by showing a death certificate.
Listening to this guy one moment I feel like I have done the right thing the next words he says makes me not sure. Can I trust my lawyer or has he giver me wrong information? Now I have more questions than answers. My husband and I made the decisions before he passed, now I'm wondered if things are done right. It has been years I'm not sure I really remember correctly.
Then how did my sibling remove all of the money from my mothers account and put it into his bank account? The two of us were co owners on mom’s account. How did the bank allow this? Mom was main account holder
hi I have a questionif I put my boyfriend name as a emergency contact but he have child support can his child support take my money from my account help
You are on the account, but you don’t own that money. Handled an estate where this happened. Brothers sued the sister and won. It wasn’t her money’s that was in bank. Paper trail...all deposits can be brought up. Judge ruled in estate favor for sure.
New subscriber: in California everything seems more difficult. Do you have a fellow attorney in California I might listen to. Thanks for your great help with all your videos.
I just did this Friday with my son. I added him (my only child…much easier!) to all of my accounts with the statement to the bankers that I want him to be able to go and get it upon my death. I am also on his account. I need to find some time to watch all of your videos as I have an appointment next month to get a will and I’m pretty much clueless. Again, it’s easier with one child. I just want my ducks in a row.
As the Power of Attorney for my single brother who is 87 years old with no children, how can I protect his cash (aside from interdiction) so that he does not give it all away? He needs all of his cash to pay for his nursing home care. He has enough cash to pay for approximately five more years of nursing home care. He has a tendency to give away his money.
My mom just added my brother to her bank account-"to avoid probate" " to allow him to write checks when I am unable" " to ensure the bank won't seize the account upon my death". Too bad she isn't watching your content! The bank was said to have not permitted me the daughter to be added as I wasn't there in person to sign the paper work. Now bother has full access, including internet access to my mother's account. Mother has never used a computer nor smart phone. Brother told her not to worry, the 3 people that live with him (not yet joined in #4 marriage) have NO access to the computer he uses. And that there is a layer of protection of 4 passwords he must enter before even he can access. (wonder if the passwords are in the top drawer of his desk). So I learned from this content...he doesn't JUST own half or all as it is not his money. And that the bank may still seize/block access from funds even on POD/ and from previous video, even though brother is on account, nursing home can STILL take funds. ~ And I learned adding one kid doesn't knock out the other? Thanks REP!
Please remember he was talking about authorized users, if the mom added the son as a joint owner there's 99% chance that he will have full ownership of the account after mom's death.
@@glowbyglo Ah, you said 99 percent. She did it for 100%. (that one percent is all it takes). So no need to do a POD if joint, right Gloria? But if joint, then she is claiming joint, joined, half as in what is mom's is her sons now shared. Which opens the can of worms this channel advises you not to do. She looses control. So if he needs a wash a cash to bail himself out of a sticky wicket, or if his kids or new girlfriend find themselved in need, he can. Loosing control by handing over joint. The puzzling part for me is...when parents do hand over ownership, title, to joint etc, shouldn't they in turn, receive THE WILL OF THE CHILD? So if they child dies tomorrow the parent knows the child didn't leave his assets to the new girlfriend or the rights to his to estranged children?
@@b.walker5955 Reason why I say 99% is because on the "joint owner" application, there are small boxes to check from 1) Joint owner with survivorship or 2) Joint owner- No survivorship (on the death of an account owner, the deceased shares pass to the estate.)
@@b.walker5955 For peace of mind, try to find out how was the account set either with survivorship or not? Based on what you are saying it will beneficial for the account to be without survivorship, that way the fund on the account goes to the estate. Also, your mom can sign add joint signer forms at her local bank then you can go to that bank at your local area or maybe even do it by phone or mail to finish the process. Most major bank will be able to help you with that.
If you child is named on your bank accounts and is the official executor in your will, would that child have total access to those funds upon your death. ( No spouse at all on account.)
@@AngelofOntario It was a rhetorical question, fool, for the benefit of others who might not know that a child under 18 cannot be a signer. You used a semicolon where a comma belongs.
I took care of my mother and I give the home to the other kids and there was not much money in there and the home was wroth more money and they all so got everything in the house I had power of Attorney as-will when she was alive but had POD at the bank
You never said if it was a good idea to put a child on as an authorized signer or not -- and if you do, can they pay bills and funeral expenses etc after mom is gone?
here are some video's I would like to hear: 1: what happens when the revocable part ends, mom and dad die. Does the successor trustee have to hire a lawyer to distribute the trust assets? How to end or wind up the trust once it becomes irrevocable? It seems like everyone the lawyers, the banks, the grand-kids all want to get money and hold on to trust assets. No one gives straight advice. 2: how to work with the banks. The banks seem to want to hold on to the money. the banks are looking out for the banks. 3: the grand-kids who talked their grandmother into moving assets out of the trust and making themselves co-owers of the assets - typically houses so they avoid probate, BUT are those assets still inheritance or gifts if taken a few years in advance? Do they owe gift tax or not? when do they pay taxes? 4: If one of the grantors in the trust goes into a assisted living - nursing home, can the nursing home take the house? a: from the trust it has been in for 25 years? if one of the grandkids transfers title back into grantors name and grandkids name? In other words - they have voided the protection of the trust? What are the consequences? If none, why not transfer all the assets out of the trust and title them as co-owners with right of survivor ownership? 5: if a grandkid or kid transfers real assets - the house again - into co-owner with right of survivor ownership, can the kid/grand kid borrow against the house? can their creditors come against the house with a lien while the "granter" -now co-owner is still alive? 6: if the grand kids told the grantor of the trust that they would not file the signed agreement until the grantor died but filed it with the court the next day, can the owner of the property - the house - get her house back from the child/grand-child? If the owner of the house - grantor of the trust - an elderly person "has capacity" to handle her affairs, but says she did not understand the ramification of what her grand-child was asking her to do? Can she get her home back from the grand-child? does the grantor - co-owner need to go to court to get her house back? 7: if a person is a co-trustee, has a POA for all business activities, how can they put cash assets, that are in the bank, back into the trust name rather than a personal name? the banks don't want to do it, which would mean probate. Can the co-trustee simply have the grantor sign another document that gives the co-trustee of the trust the right - poa - to move money from the personal account into a trust account? i.e. get the cash assets back into the trust? How to do it? Can the account just be renamed? What verbiage should this letter to the banks contain? 8: That is another issue, lawyers tend to want to have the power of attorney in their name so they can run the trust, liquidate the assets, and have their buddies (CPS. appraiser, property manager, finance manager, etc) manage the assets. Why wouldn't the lawyer just advise the successor trustee? 9: lawyers don't seem to have any "magic bullets" to solve these problems other than going to court and asking a judge to decide the matter. In fact lawyers seem to sit on the fence and do nothing until their is a crisis, crisis-management, so to speak. How does a trustee properly hire a lawyer and manage the liquidation - trust distribution process? it seems difficult to get all the ducks in a row so this process runs like clock work. 10. what is a reasonable fee to pay a lawyer to help close out a revocable trust with a few million in assets - sell off commercial real estate, fight the banks to get the cash back out of the banks, etc... $50,000? or is that low?
As far as I know, I have watched all your videos on setting up and operating a revocable family trust. I would like to say, thank you very much for posting this information. It has made a big difference in my understanding of how the trust operates and what my duties are as a co-trustee. After watching these videos I would like to hire you to "provide information", not legal advice, on a bullet list of questions I need to better understand. Basically, I want to get all my ducks in a row.
too old or not right language whattttt? whats the point then if you paid to have a power of attorney done and then the bank says that. So how can they write checks for you then? So you need to do a revocable instead? should you take the name off of the account then when you do that or you need both , confused
That happened to me. My Dad put me on his acct and didn't tell me. There wasn't a signature card signed by me at all or anything else. It had p.o.d. on card. Paid on death. So even though I wasn't told about the acct, the money would be mine if my Dad died. I would never put a child's name on any acct without the word (and) in between the names. It means both ppl have to be there to take money out of the acct. It just provides a level of protection for you. In case your kid gets on drugs, trouble with the law or gang and can't steal all your money.
@@judya.shroads8245 I like the idea that they both have to be there except if the parent is incapacitated or in the hospital, the child may have to pay bills for the parent. How are they going to do that if parent is not able to go to the bank, or if parent is in a coma.
@@ruthvigil5768 There are irrevocable trusts, medical power of attorney and regular power of attorney. To protect the person, they could be put into place temporarily and also have to show the bills to an attorney to pay and only pay, not take out extra money. Ppl really need an elder care attorney to explain and protect a person from relatives being greedy. Good luck.
I had my wife on my mortgage and she drained my line of credit without my knowledge. The credit line was there for emergency’s. Only to find out when my house was payed off I had a $100.00 owing on my line of credit. Sold the house and she was still entitled to half and I was responsible to pay the line of credit.Don’t trust anyone
In your hypo. case no because it’s a signature card and not an owner of the account. If the child is an co owner of the account then debt collector could lien the bank account. Each state bank may have its unique legal challenges. If u really want to secure the bank acct name it momas living trust IRREVOCAVABLE. Revocable will not protect you.
This happened to my mother in law. She put my husbands sister on her account. When my sister in law was overdrawn at the same institution, they took my mother in laws money to cover it. Lots of money. My sister in law was an a#*$ and said it was her stupid fault for putting her on the account. My sister in law knew she was on the account, she didn’t tell her step mother not to put her on it.
Yeah I went through this and it turned out my parent did not have me on the account as Payment after Death just a joint account. We had to go through probate for that to get the money transferred to me.
I'm new to all this., I really don't even know what probate means to be honest.I'm on my parents account and have been for several years ..my name is on check book. Is this all that is needed? No other siblings
@Cheryl Jensen My mother had intended to have her bank account handed over to me as payment on death in order to avoid probate. Everything else was either a Payment on Death, or insurance , IRA, excecpt this one account. I'd been managing all her accounts for a decade due to her dementia. She even left me (the executor) a note in her instructions about her her final plans. But when it came to settling the estate, that one account held up the the estate for 6 months as I had to engage a lawyer and go to probate court. To this day we never figured out how this happened. An error at the bank?
![[Full] 4 ต่อ 4 Celebrity EP.922 | 10 พ.ย. 67 | one31](http://i.ytimg.com/vi/zmV5HRIxIBI/mqdefault.jpg)
I added my daughter to my checking and savings. In case I become incapacitated. She has my list of wishes. My burial is paid for. She is responsible and trustworthy.
My Mother lived with us, I was on all her accounts, she also had all funeral arrangements. She died at age 98 and I couldn’t thank her more for doing all this, it made this so easy when dealing with arrangements.
It's unfair, and I'm entitled are two things that drive me crazy. I was the POA for my mother and also the executor when she died. I'm the youngest of my siblings. My parents knew that I would do right and be fair with everything. I was a signer on my mother's accounts while she was alive. I understood that the money in those accounts were not mine, but the estate's when she died. Besides, when my mother past away all accounts were locked until the proper paperwork was given to the bank. Then that money went into her estate account.
We also had her funeral prepaid (hurts with taxes on her but too bad) so that it was easier on all of us.
My advice to anyone reading my comment is this. If one parent dies make sure you know where everything is located. Where are the accounts if there is more than one. If your parents were depression parents (like mine were) they will scatter their money all over the place.
It took two years to find all of dad's things and get them into mom's name. IT's how mom and dad did things. Some things were in both names (properties and some money) while other things were only in their name. It drove me crazy finding accounts after two years and thinking I had it all organized.
Everything was put into accounts that were easily found instead of all over the place. When mom did die, it was easy. Everything was in its place to transfer to the estate account.
The other thing we did was have mom's Will re-done with the estate attorney when dad died. Everything was the same except for dad being excluded. Nothing was to change except it was updated. The POA was updated. And her living will was updated to a do not resuscitate as to her wishes. Everything was decided by mom as to how it would go down. No coercing or intimidating. Our estate attorney understood that everything would stay the same, but updated to the current laws.
Lawyer's changes WILL after thier parents deaths? WOW!
My mother set up 3 joint bank accounts in California: One for each child. One child ran into trouble with the IRS and took money out of that account. When my mother died, that daughter was a little bit salty that she inherited less than her siblings. After my mother died, I was able to withdraw money without problems.
I added my sons name to my account in the event I can’t function, however I only draw SS and a small pension, that’s it. I babysit my grandchildren and my son is grateful and honest. I have no money but I know not everyone’s situation is the same. You offer good advice 🙂
I am joint owner for 30+ years, but it belongs to all my siblings too. People become greedy, but think what did your parents want. Do the right thing.
This is a complicated subject. Depends on the type of bank account (single party, multi-party, convenience, or trust), and the bank agreement / signature card. The authorized signor can be convenience signor, a co-owner without rights of survivorship (and whose rights depend on net contributions), or a co-owner with rights of survivorship (and who assumes complete ownership upon the death of another co-owner; and where probate proceedings do not apply). Best to talk with your banker as he advises.
Wow, I'm that daughter with exception of quitting my job. For the last 20 years, since we moved to US, I've been the one taking care of her. When I did my Will, I asked the attorney about bank accounts and he said just add your name to it. I thought that was enough and had no idea that her account could be frozen, or that I need to check with the bank on their rules about this. Thank you for this and all of your videos.
My lawyer was impressed with the knowledge I had when he sat up my trust, thanks to you. This video clarified what I should do with my checking accounts. Thank you.
At time stamp 7:30 the presenter is correct that you need to ask your bank as to how they will treat each scenario. My dad had two different bank accounts and I was the authorized signer on both. I was also POA and the executor of his will. But when he died each bank treated the situation quite differently.
My parents put me and my brother on their accounts. My mother died first and within 4 years my Dad could no longer take care of things. He went into a nursing home and I took care of all his bills, etc and I never thought his money was mine. The same happened to my aunt. I was on her accounts and she developed Alzheimer’s. Again that is her money for her care. I never felt I was entitled to any of it.
so sad :(
My parents just added me on their checking account. There's 5 of us kids which once they are gone will be evenly distributed. However, I moved back home a year and a half ago to help take care of my parents my dad had dementia unfortunately we just lost him 3 weeks ago and my mother is fighting cancer for the second time. All of this is so incredibly hard. There's a will written up my step sister and I are both executives over the estate to see that everything is handled and divided evenly. I can't imagine when that day gets here and I don't want any part of it truth be told. I moved back home leaving behind my life because both my parents needed me. I was the only one that could or would and I have no regrets. I say I have no regrets but I have this overwhelming fear that when something happens to my mother God forbid it's anytime soon, I'm going to be homeless until I figure something. Its hard days Mom and i are working outside and we sit out on the patio. That's my grandfather's patio, her Dad left her $ and that's what she built in his honor. I have to be rational and tell myself that one of these days strangers will move into our house and I just have to walk away. This is my childhood home is turning out to be a big part of my adult hood home as well. I wish there was a way just to not think about it. Don't say that happening so I just push it in the back of my mind and continue doing what I moved home to do focusing on my mom whatever she needs for me while still grieving for my dad. Life is so unfair so cruel even. Anyway the day will come there's something will happen to my mom and that's when I need to hurry and figure things out for myself like where I'm going to go how I'm going to get through all this and still be sane. That scares the hell out of me. My older sister said that I would have to stay here for 6 months or so that we got everything sorted out and sold they gave me a little bit of Peace but I've never felt so vulnerable and I don't even know why. I'm a survivor so I don't need to know why I'm stressed on it it's just something that kind of consumes me from time to time this weird fear of being put out. I wasn't over the road truck driver and I was very proud of the life I had. But that life is gone for now anyway. I just uprooted and left and gave most of my stuff away so I could hurry and get here. I just try to deal with it because I won't talk to my mom about it she's got enough to worry about without worrying about my concerns. Maybe I'm just complaining for no reason this has been a really hard year and a half and I don't know what to think or what to do about my future. For my siblings life just goes on. I get it it just doesn't seem fair. Wow I feel petty for even saying that. Its just how I feel and I can't deny it.
@@Tlittau3944 hi Tonya..looks like you have so much on your mind right now.. I will pray for you that you start making some type of plans for survival for you ..after this all is over.. you have sacrificed a lot ..you don’t deserve to be worried like this.. maybe you should talk with an attorney and express your feelings ..you definitely need to start planning ..maybe others out there can give you some advice.. meanwhile I will pray that you start to feel more at peace about your future ..you deserve to not have these worries.. while caring for your mom🙏🙏
@@aquilaclark814 Wow, I didn't expect anybody to even read my comment... Let alone be so kind and reply. Thank~You. It is A LOT at times feels like too much. But I manage and TRY not to think about what's possibly around the corner. I don't want to upset anybody especially my Mom. I tell myself if I deserved any peace of mind for what will happen ... Later on down the road... My Mom would talk to me about it... Idk I appreciate you being so nice and understanding... Im not used to that I guess. That's kinda sad now that Im thinking about it. Anyway, prayers are welcome... And appreciated. Thanks Again, God Bless You.
@@Tlittau3944
You have and are doing a beautiful thing for your parents. Everyone should be so blessed.
I do wish your siblings would make it right to you financially for your hard work that freed them up. 🙏🏻💜🦋🌈
I like Paul because he doesnt teach what to think about estate planning but rather how to think about it
I’m 70 and put my daughter, as a signer, on our bank account 10 years ago. One of the best things I’ve ever done. She’s an only child.
My sister and I are both signers on our elderly parents bank accounts. We are also equal beneficiaries in their living trust. Makes it very easy when all the parties know where they stand when the parents die.
Exactly.
Well, in a perfect world this may be true. All my siblings knew what was going on and yet my sister, who was put on my mom’s account tried to say the money was hers only! She refused to carry out my mom’s wishes. Made a $30,000 mistake and didn’t think it was her problem. Sad to say we are not on good terms and never really were so no loss there. Good thing a brother convinced her to do the right thing. My parents knew they choose the wrong person to handle their estate but didn’t want to change anything and cause more problems. I think it would have been easier if they did. Money and power changes people. It’s very unfortunate.
@@Dmarieledesma I don't see how that could happen. I physically have the checkbook but there are two signature lines on it and I can't write out a check without my sisters approval and signature and none of us can withdraw any money without the other two (me, mom and sister) signing. I don't know what kind of $30,000 "mistake" can be made because the only thing we use mom's account for is property taxes, any large purchase mom makes or any upgrades to mom's house or rental properties. None of us COULD make any "mistake." Plus, what do you mean they "chose" your sister? If you are all part of the Trust then there is no "head" of the estate - my sister and I are equal owners so I can't decide to do something behind my sisters back or vice versa, even if we wanted to (not that we would), because we would not be ABLE to because we are joint owners - just like my husband can't sell our home behind my back because we are joint owners. If you are saying that your parents just made your 1 sister co-owners of their account, with them, then yes, your sister is correct, it is HERS when they die and she would be entitled to whatever was in that account. If that's NOT what your parents had in mind, then they did the wrong thing for the situation they were trying to accomplish. They basically "gave" her whatever was in that account and you are lucky if you saw any of it. Your story doesn't make sense to me, but I am probably missing a lot of information.
This is sad your sister did this. My parents put me over everything but knew I would make the right decisions. I realize a lot of people don't. I actually take both my siblings with me show them everything. I made a promise before Mom and Dad and brother and sisters I would honor the will and trust and before God. People let greed take over. I wish my Dad was still here but will carry on his wishes
Make certain you are listed as beneficiaries on their accounts or that the trust is. This needs to be taken care of at the bank if it hasn't been already. Just having a will, etc. isn't enough. Arrangements also need to be made in advance at the bank to prevent any issues.
I've seen a few of your videos and I am grateful for the valuable information. Thank you so much for offering your expertise.
I recently added my son as an authorized signer to my checking account. I have another son who I will be adding once he returns from college out of state. I want someone to have quick access in the event something happens to me. All of my other assets are in a separate trust account, which he and his brother will split 50-50 when I pass. I feel completely comfortable with both sons having access, they are upstanding guys and very financially responsible.
If someone sues one of your sons you could lose a lot of money.
@@jrowlove7328 her sons are responsible kids
If you have access of ATM card will that works
@@jrowlove7328 You act like getting sued is commonplace. Everyone on here seems paranoid about their kids bring sued! WTH?
@@laureldevine one can never be to safe. Drug addiction is a terrible disease.
An excellent informative video!👍
Your time and efforts are so appreciated.
Very informative video. I was just going to add my daughter to my account, but now I know I need to do something else. Thank you!
Talk to your banker and make certain you know the difference between a co-owner, beneficiary, and power of attorney. It's really important that you work with your banker to do these things correctly. The personal bankers at my bank were very good about explaining these things to me and helping me through the process.
You give great info. And guidelines and insight into a subject no one wants to talk about. All states have different regulations,laws, etc. But some circumstances are shared by all, like children on title,irrevocable trusts, putting estate in trust for, life estates, you name it! And funny how one child can screw everything up when parents have Alzheimer’s and Parkinson’s and she’s living in their house. She took them to a lawyer with her husband and changed entire will with everything going to her including house. Prior to their death, she added her name to all accounts taking mom with Alzheimer’s and that way the money was hers,not part of estate. She made herself beneficiary to all my parents stocks and IRAS. MY Father was crying when he told me what she did,and when I told my siblings no one would do anything. Too sensitive an issue for them. Didn’t want to cause family tension. My brother and I saw and went to attorney who said it wasn’t worth fighting for unless they had a lot of money…and we’d have to pay him an upfront fee.
Fortunately, in NYS the laws have gotten better for reporting elder abuse (including financial). BTW, it was two million dollars after she sold folks house she and her family lived in free for years. Not sour grapes, I have the original will which was division of estate among four children.
People suck. I have friends that the same thing happened.
I made sure being POA and executor that this crap didn't happen.
Paul, this is some great information you're sharing!! Thank you for posting your videos!
Thank you so much DH 👍
Great information. I'm so happy to have discovered you channel. Keep up the terrific job you're doing.
Thanks JE 😎
Yes my near and dear made that mistake. Just learned one month ago yesterday.
Thanks for the helpful info! Not only does it remind me what NOT to put in a will, but also to track down those older policies and see who the beneficiary is that is listed on that policy.
One of my sisters pressured my mother into putting her on her checking account and credit card after my father passed away. She ended up maxing out the credit card (around $15k) and she nearly emptied the checking account. She was only supposed to pick up things at the store that my mother needed. She actually had the gall to ask for another book of checks after this. Of course my mother canceled the credit card and did NOT give her another book of checks. My mother also refused to press criminal charges as she didn’t want to see her daughter go to jail. My brother, other sister, and myself all wanted her arrested but it wasn’t our choice.
The minute my mother died, my brother the executor immediately liquidated their joint bank account and took the money. All of the $$$ that went into the account were hers-SSW,pension
My late father had a large account at one bank and a second small account at another bank. He made me a signer on the smaller one. I only did this twice. To pay a credit card when he forgot before he went on holiday and the second was to pay for his funeral. In Australia, with proof, a bank will release funds for funeral expenses which then seals the account until probate is completed. As I was the only person that knew about the small account I could have drawn funeral expenses from the large account and kept the second a secret and just withdrawn all the funds for myself.
@@master2allI had no intention of doing this. It's just an example of what he gave me legal authority to do.
No, I was a co owner of my mom account while she was alive, to help manage accounts that she was no longer able to handle. Once she passed, you work with your accountant and setup a new Trust account, so you don’t have co-mingling of these funds so now you and deal with the trust issues next since I was also the future executor.
Blessings & good karma be with you. I went through that 'losing my home' terror when my man died. 15 years but we didn't marry & he didn't finish his will. His brothers helped me some but I was basically out of my mind with fear. 3 years ago now & finally at peace with how it all worked out. I'm telling you this to say to just hang in there. Do the right thing now & you will have peace of mind later. Hard days ahead for you- sending you sympathy & good wishes. Survive & things will slowly get better. ❤☮🍀
This is where you need a good banker to explain these things to you. Fortunately, my banker did. He explained the difference between a co-owner of the account, a financial power of attorney, and a beneficiary. A co-owner owns the money in the account as much as you do. An example would be a married couple with a joint account. A beneficiary is the person who receives the money in the account when you die. A financial power of attorney is not an owner of the account but is authorized to access the account and make use of the funds for your benefit. Any other use of the funds is illegal. And unlike a co-owner, a power of attorney can be removed from the account by the owner at any time. And that relationship also ends upon the death of the owner of the account. Should you put a child as a signer on your account? No, unless they are acting as your power of attorney. They can, however, be listed as a beneficiary if you want the funds of the account to go to them upon your death. That's a more likely scenario.
Now, in this video we have heard all the wrong ways to do this. Let's discuss the correct way. First, you can have a joint account with your spouse. The two of you will then be co-owners of the account. That solves no end of problems. But what if you aren't married? I'm single, will probably never get married, and I live alone. So, I went down to my bank with my brother and I got him listed on my accounts as my beneficiary. If I get hit by a truck, tomorrow, he gets the money in the money in my account. Then we filled out the paperwork to get him named as my financial power of attorney. My banker had the standard forms for my state. Otherwise, I could have brought paperwork from my attorney. Either way, that paperwork was submitted to the bank's legal department for approval. After that happened, my banker called me back. And my brother and I went back to bank to get things finished up.
We showed our ID, and my brother was added to my accounts as my power of attorney. The banker explained precisely what that means legally speaking, and I asked about how my brother would access funds etc. My banker then explained my bank's procedures on that. One of the other options on the power of attorney paperwork was to give my brother authority to use my other assets. What this means is that if I'm in a coma, he can legally go into my apartment and secure my belongings. He can even use funds from my account to rent a moving truck, a storage unit, etc. He can also deal with my landlord or conduct any other business on my behalf. The important thing here, though, is that you should select someone responsible who you can trust to handle your affairs if need be. And you want to look at the options on the paperwork and decide which are applicable to your situation.
Thank you! That was an excellent summary. One question: if your brother had a garnishment or debt collection situation would his creditor be able to take (or garnish) funds from your account to pay the outstanding debt your brother has? Just FYI, I live in Pennsylvania. Thanks again.
@@dalepremo3695
Good question. No. As my power of attorney, he can legally use the funds. But only for my benefit. Because the money is still mine. Not his. So, his debt collectors would have no claim on it. That's the distinction between a power of attorney and a joint owner of the account. I retain ownership, but I'm granting him limited permission to access the funds and to use them for specific purposes. If he uses the money for any other purpose, he can go to jail for it. Because, legally speaking, he would be stealing my money. The only caveat is that he is also listed as my beneficiary. So, if I die, the money goes to him. In that case, it would then be his money.
@@TerryProthero I suspected that might be the case, but wasn't 100% sure. Thank you for the clarification and nice explanation!
I feel like I asked this guy for the time of day and he told me how to make a watch.
LOL
So true!!
I understand but it's good that he's getting out of breath telling going to the extra length of detailing all this information a godsend yet to pay for this information because you like 500 bucks
@@Prieze868 Exactly! He gives complete advice, covers all bases and didn't cost us a dime. .
Wow. George
Stop watching 😳he’s very informative
Co-owner of the account and POD -- bingo, done -- if that's what you want. Prepay your funeral. That's what my mother has done.
What should we do then
Or.... don't have a bank account.
Too many people believe you MUST have a bank account. But I get along just fine for decades in not having one. A pretty good % of the population doesn't have one.
Hi Craig. I've always had bank accounts. I'm curious how you get by without them.
My inlaws had my spouse as a signatory and a POD beneficiary to make sure if they were incapacitated someone could write checks and when they died the money could be accessed. They put my spouse on all accounts at each institution and as a signatory for their safe deposit box. They passed rather unexpectedly about 2 years apart. There were 2 other children so they were very clear in their will that the money in their accounts would be used for final expenses first, debts of the estate next and then any remaining would be split 33% with 1% going to the executor, who was a party not included in the will otherwise. They made sure everyone was clear, everyone signed a document acknowledging they understood their wishes. When they passed, we had all original documents in safe deposit and duplicates in a binder. The binder was overnighted to executor, who asked us to go close the accounts and all money was deposited in an estate account the executor established. Children paid final expenses and were reimbursed. Everything went on without a hitch. Because their house was the biggest asset and was in a living trust we didn't have to probate in Washington.
After my father died my mother put me on her account. My father had handled all the finances for 61 years and she was getting to the point that she was not able to handle it.
So then, how the money will be protected if something serious happens to a Senior Parent. Just in a Legal Document? . Please make a video about this.
Paul thank you for your presentations which are valuable specially to senior citizens ,my friends and me. I am taking down notes because these are valuable information. My friends and I are already in our 70s and 80s .kindly speak a little slower so we will not miss the important points. Thank you .
Ko
You can change the playback speed in youtube's interface
Another great video!! I appreciate your expertise in this matter ♥
So I am a signer on my mother's checking account. She has a very large equity line of credit on her home that she will never get paid off. The monthly payments for that is attached to her checking account. My concern is whether or not the bank can come after me for the balance of the equity line when my mother passes. Her house and the equity line of credit is in her name only, my name is nowhere on it. But since the monthly payments are attached to the checking account, my fear is that they will try to get the money out of me and ding my credit rating. Is that possible or am I safe from that? I'm not sure if I'm just a signer or a co-owner of the account. I'm going to have to check with the bank on that.
My mother recently passed away and my dad passed away some time ago they had three children she put each of our names on three of her accounts if I am right we are responsible to pay Pa inheritance tax on half of the money house is going through probate I went and found a lawyer to help with the whole process after watching your videos thanks for your help
Power of attorney
And give copies in a safe place to access.
Because if someone does something illegal on checking account. Like the parents sister or brother getting ahold of the check book. And that account needs to be protected. The back then covers their butt’s for allowing a fraud check clearing in the first place. Then they say who ever is on the signature card, isn’t there!
It happened to me. With my grandfather. My grandfather’s brother’s wife, got ahold of his check book. And her daughter wrote checks. I found out. And fought to stop it. Then the bank head person denied any wrongdoing happened. And said I wasn’t on any of my grandfather’s paperwork or card.
I had contacted the legal department of the bank first. And had received a letter from the bank acknowledging me on my grandfather’s account. But inside the bank branch itself. It was a whole different situation of corruption.
GET COPIES.
As a retired tax accountant, I have seen the IRS clean out a parent’s bank account because of past due taxes of the adult children and children’s college funds cleaned out because of parents past due taxes all because one was a signer on the others account.
Your experience is the fundamental reason I’m so reluctant to put my adult child’s name on anything I own before I die. Not so much the IRS but her and her common-law husband’s non-LLC business liabilities. I can’t ‘take it with me’ when I go, but at least I can preserve it while I’m alive.
@@FR-tb7xh there are several other options. One you can leave it in a trust for her with someone else as the trustee with strict instructions on what to do. Also, you can leave it all to charity. There are a lot of very needy people out there. However, if you do leave it to your daughter, tell her to keep it in a separate bank account with just her name on it so that if they ever split up she can prove that it came from you and that she has a direct line to trace back To your estate. This me and she keeps all of the paperwork concerning your estate. Also don’t make her your executor because it’s likely he will steal from her to pay his bills.
Thank you for a great video.
I am a new subscriber, but I try to watch yours older ...
A lots of....are very interesting
My brother has my older sister as a POD on his bank account. He told me he instructed her to divide his money between her, myself and
One other sister. He doesn’t have a will or anything in writing but I videotaped him stating this. I’m afraid my sister is just going to take the money from the bank and split it between her and the other sister and leave me out. If this happens will the video hold up in court??
You say that a co-owner cannot keep all the money that is in a bank account because they are a co-owner and that the money is part of the estate, but everyone else says that the person that is a co-owner can go to the bank and withdraw all the funds and there is nothing you can do. Is this scenario only true in your state? Please advise.
He was talking about an individual account with an authorized signer on the account, not a co-owner. The money in the account would belong to the (deceased) individual's estate, not the authorized signer.
Thank you very much for this valuable information.
That is not the way it works in Texas if you are not just a signer but a co-owner the money belongs to the survivor.
That is 1/2 true as a co-signer you are an owner of the account unless you found a small bank like Tradition that was purchased by a national bank. They are Grandfathered with many laws. Less a portion is listed to whoever. Like our savings account, J gets 1/2 of the account and I get the other account. Since we set it up that way and he is the child from the first marriage
What about assignment of a child as a beneficiary to the account after death of the account owner?
Great Info Paul, I'm 'the 74 yr old child', (executor)whose name was on my parents account, now they have passed. I divied-up equally account assets, (100K)5 ways w/my 4 siblings. Still not sure how Ohio Taxes will view-that?? Will be watching all your videos. Thanks again, for providing all this important info..
Good information 😊
A revocable trust is the best way without to many problems 🤞
Unless the family member trustee decides to close out trust and open joint bank account with one of the other beneficiaries...
Remaining two beneficiaries caught it in time for trust company to claw it back and keep the trust active for the benefit of the other beneficiary who has "special needs" as original living trust provided.
Knowing who was trustee, it never occurred to us such a betrayal was possible over a quarter million dollars. She resigned and the company is sole trustee and provides funds as requested by any of the three beneficiaries for the fourth.
I would like to put my granddaughter on the acct.account. as an authorized signer .POD..
What if you have your daughter is executor of the will plus POA but son is on my checking/savings account??
I haven't seen all your videos but I have two cars in the U.S. My eldest daughter is on title an or owner. She can sell the car out from under me. I live overseas. It's a car. Food for you videos.
Any child or relative that is trusted to have their name on a loved ones bank account has a moral duty to act as that relative would want done. It’s disgusting to hear about the greed people show when a loved one dies. I’ve seen and heard of it many times and it sickens me. It is a rough situation when siblings wash their hands of helping care for a loved one and that one stands up and takes almost full responsibility and then when the day comes to talk about the estate they stand there with their hand out looking for a payday. SMH how vile. I have siblings and I think these reasons are precisely why my mother named me executor, Durable-power of attorney, Health care proxy etc... my siblings were informed and also asked and they agreed I was the best fit but something tells me when that horrible day comes they may not see things the same way. One has already made it a point to tell me if anyone keeps the house the rest have to buy her out...wtf kind of thing is that to say? I’m not even going to those details in my mind yet she’s “letting me know this” smh 🤦🏻 greed almost has zero boundaries.
Especially when the in-laws try to stick their nose in it. I had to sit on my brother in law because he was just too nosy about what was going on.
Question. If my brother is given guardianship over my which he has recently petitioned to become, and she (god forbid passes soon after) what happens to the monies and her assets such as her 1.5million dollar home which she has willed to her three children? Does he keep all that for himself?
My bank has an option called POD or payable on death. I set my wife up as POD and upon my death, she can access the money in the account by showing a death certificate.
Grandma had the right idea.
She kept her $$$ in a coffee can in the pantry!
Doesn't work too well with large sums
Bank told me there is no such thing as a signer on your account. The person is either on your account jointly or they are not.
Right 👍
What about having a revocable living trust?
what of a joint savings a/c with a child
Listening to this guy one moment I feel like I have done the right thing the next words he says makes me not sure. Can I trust my lawyer or has he giver me wrong information? Now I have more questions than answers. My husband and I made the decisions before he passed, now I'm wondered if things are done right. It has been years I'm not sure I really remember correctly.
Then how did my sibling remove all of the money from my mothers account and put it into his bank account? The two of us were co owners on mom’s account. How did the bank allow this? Mom was main account holder
If you have POA you can sign for your parent but being on the account make you liable for their debt.
Thank you for taking the time to share this important information!
hi I have a questionif I put my boyfriend name as a emergency contact but he have child support can his child support take my money from my account help
You are on the account, but you don’t own that money. Handled an estate where this happened. Brothers sued the sister and won. It wasn’t her money’s that was in bank. Paper trail...all deposits can be brought up. Judge ruled in estate favor for sure.
New subscriber: in California everything seems more difficult. Do you have a fellow attorney in California I might listen to. Thanks for your great help with all your videos.
I just did this Friday with my son. I added him (my only child…much easier!) to all of my accounts with the statement to the bankers that I want him to be able to go and get it upon my death. I am also on his account. I need to find some time to watch all of your videos as I have an appointment next month to get a will and I’m pretty much clueless. Again, it’s easier with one child. I just want my ducks in a row.
Thank You Sir.
As the Power of Attorney for my single brother who is 87 years old with no children, how can I protect his cash (aside from interdiction) so that he does not give it all away? He needs all of his cash to pay for his nursing home care. He has enough cash to pay for approximately five more years of nursing home care. He has a tendency to give away his money.
My mom just added my brother to her bank account-"to avoid probate" " to allow him to write checks when I am unable" " to ensure the bank won't seize the account upon my death". Too bad she isn't watching your content!
The bank was said to have not permitted me the daughter to be added as I wasn't there in person to sign the paper work. Now bother has full access, including internet access to my mother's account. Mother has never used a computer nor smart phone. Brother told her not to worry, the 3 people that live with him (not yet joined in #4 marriage) have NO access to the computer he uses. And that there is a layer of protection of 4 passwords he must enter before even he can access. (wonder if the passwords are in the top drawer of his desk).
So I learned from this content...he doesn't JUST own half or all as it is not his money. And that the bank may still seize/block access from funds even on POD/ and from previous video, even though brother is on account, nursing home can STILL take funds. ~ And I learned adding one kid doesn't knock out the other? Thanks REP!
Please remember he was talking about authorized users, if the mom added the son as a joint owner there's 99% chance that he will have full ownership of the account after mom's death.
@@glowbyglo Ah, you said 99 percent. She did it for 100%. (that one percent is all it takes). So no need to do a POD if joint, right Gloria? But if joint, then she is claiming joint, joined, half as in what is mom's is her sons now shared. Which opens the can of worms this channel advises you not to do. She looses control. So if he needs a wash a cash to bail himself out of a sticky wicket, or if his kids or new girlfriend find themselved in need, he can. Loosing control by handing over joint.
The puzzling part for me is...when parents do hand over ownership, title, to joint etc, shouldn't they in turn, receive THE WILL OF THE CHILD? So if they child dies tomorrow the parent knows the child didn't leave his assets to the new girlfriend or the rights to his to estranged children?
@@b.walker5955 Reason why I say 99% is because on the "joint owner" application, there are small boxes to check from 1) Joint owner with survivorship or 2) Joint owner- No survivorship (on the death of an account owner, the deceased shares pass to the estate.)
@@b.walker5955 For peace of mind, try to find out how was the account set either with survivorship or not? Based on what you are saying it will beneficial for the account to be without survivorship, that way the fund on the account goes to the estate. Also, your mom can sign add joint signer forms at her local bank then you can go to that bank at your local area or maybe even do it by phone or mail to finish the process. Most major bank will be able to help you with that.
What about the gift tracking in the cases like that?
Thank you..
If you child is named on your bank accounts and is the official executor in your will, would that child have total access to those funds upon your death. ( No spouse at all on account.)
What do you mean by "child"? A child under 18 can't enter into a contract and therefore cannot be a signer on any account.
A parents’ children; crotchfruit.
You may be called your parent’s child even when over 18.
@@AngelofOntario It was a rhetorical question, fool, for the benefit of others who might not know that a child under 18 cannot be a signer. You used a semicolon where a comma belongs.
Consume feces and croak then, copulation countenance. ☺️
I took care of my mother and I give the home to the other kids and there was not much money in there and the home was wroth more money and they all so got everything in the house I had power of Attorney as-will when she was alive but had POD at the bank
You never said if it was a good idea to put a child on as an authorized signer or not -- and if you do, can they pay bills and funeral expenses etc after mom is gone?
I love your channel..
here are some video's I would like to hear:
1: what happens when the revocable part ends, mom and dad die. Does the successor trustee have to hire a lawyer to distribute the trust assets?
How to end or wind up the trust once it becomes irrevocable? It seems like everyone the lawyers, the banks, the grand-kids all want to get money and hold on to trust assets. No one gives straight advice.
2: how to work with the banks. The banks seem to want to hold on to the money. the banks are looking out for the banks.
3: the grand-kids who talked their grandmother into moving assets out of the trust and making themselves co-owers of the assets - typically houses so they avoid probate, BUT are those assets still inheritance or gifts if taken a few years in advance? Do they owe gift tax or not? when do they pay taxes?
4: If one of the grantors in the trust goes into a assisted living - nursing home, can the nursing home take the house? a: from the trust it has been in for 25 years? if one of the grandkids transfers title back into grantors name and grandkids name? In other words - they have voided the protection of the trust? What are the consequences? If none, why not transfer all the assets out of the trust and title them as co-owners with right of survivor ownership?
5: if a grandkid or kid transfers real assets - the house again - into co-owner with right of survivor ownership, can the kid/grand kid borrow against the house? can their creditors come against the house with a lien while the "granter" -now co-owner is still alive?
6: if the grand kids told the grantor of the trust that they would not file the signed agreement until the grantor died but filed it with the court the next day, can the owner of the property - the house - get her house back from the child/grand-child? If the owner of the house - grantor of the trust - an elderly person "has capacity" to handle her affairs, but says she did not understand the ramification of what her grand-child was asking her to do? Can she get her home back from the grand-child? does the grantor - co-owner need to go to court to get her house back?
7: if a person is a co-trustee, has a POA for all business activities, how can they put cash assets, that are in the bank, back into the trust name rather than a personal name? the banks don't want to do it, which would mean probate. Can the co-trustee simply have the grantor sign another document that gives the co-trustee of the trust the right - poa - to move money from the personal account into a trust account? i.e. get the cash assets back into the trust? How to do it? Can the account just be renamed? What verbiage should this letter to the banks contain?
8: That is another issue, lawyers tend to want to have the power of attorney in their name so they can run the trust, liquidate the assets, and have their buddies (CPS. appraiser, property manager, finance manager, etc) manage the assets. Why wouldn't the lawyer just advise the successor trustee?
9: lawyers don't seem to have any "magic bullets" to solve these problems other than going to court and asking a judge to decide the matter. In fact lawyers seem to sit on the fence and do nothing until their is a crisis, crisis-management, so to speak. How does a trustee properly hire a lawyer and manage the liquidation - trust distribution process? it seems difficult to get all the ducks in a row so this process runs like clock work.
10. what is a reasonable fee to pay a lawyer to help close out a revocable trust with a few million in assets - sell off commercial real estate, fight the banks to get the cash back out of the banks, etc... $50,000? or is that low?
Human relationships are hard to control or predict!
As far as I know, I have watched all your videos on setting up and operating a revocable family trust. I would like to say, thank you very much for posting this information. It has made a big difference in my understanding of how the trust operates and what my duties are as a co-trustee. After watching these videos I would like to hire you to "provide information", not legal advice, on a bullet list of questions I need to better understand. Basically, I want to get all my ducks in a row.
go.oncehub.com/Paul8
@@americasestateplanninglawy1946 I am from Florida
Are you a available for tax planning???
too old or not right language whattttt? whats the point then if you paid to have a power of attorney done and then the bank says that. So how can they write checks for you then? So you need to do a revocable instead? should you take the name off of the account then when you do that or you need both , confused
I'm worried if my kids get sued they could take money from our shared account
Great information.
Why not just make them beneficiary or a contingent beneficiary instead of a signer?
Yes, I would like to know this too.
You are an excellent administrator
What about if the original bank account owner added you to their account, and it’s listed as “rights of survivorship”?
That happened to me. My Dad put me on his acct and didn't tell me. There wasn't a signature card signed by me at all or anything else. It had p.o.d. on card. Paid on death. So even though I wasn't told about the acct, the money would be mine if my Dad died. I would never put a child's name on any acct without the word (and) in between the names. It means both ppl have to be there to take money out of the acct. It just provides a level of protection for you. In case your kid gets on drugs, trouble with the law or gang and can't steal all your money.
@@judya.shroads8245 I like the idea that they both have to be there except if the parent is incapacitated or in the hospital, the child may have to pay bills for the parent. How are they going to do that if parent is not able to go to the bank, or if parent is in a coma.
@@ruthvigil5768 There are irrevocable trusts, medical power of attorney and regular power of attorney. To protect the person, they could be put into place temporarily and also have to show the bills to an attorney to pay and only pay, not take out extra money. Ppl really need an elder care attorney to explain and protect a person from relatives being greedy. Good luck.
How old does the child have to be?
Can you put a non trustee as an authorized signer on an account titled to your trust?
No the bigger issue was can lawyers sue the child, and you never spoke on it!!?
I had my wife on my mortgage and she drained my line of credit without my knowledge. The credit line was there for emergency’s. Only to find out when my house was payed off I had a $100.00 owing on my line of credit. Sold the house and she was still entitled to half and I was responsible to pay the line of credit.Don’t trust anyone
Did I miss it; does can a child's legal judgement come after your funds if he is on a signature card at the bank on the parents account?
In your hypo. case no because it’s a signature card and not an owner of the account. If the child is an co owner of the account then debt collector could lien the bank account. Each state bank may have its unique legal challenges. If u really want to secure the bank acct name it momas living trust IRREVOCAVABLE. Revocable will not protect you.
This happened to my mother in law. She put my husbands sister on her account. When my sister in law was overdrawn at the same institution, they took my mother in laws money to cover it. Lots of money. My sister in law was an a#*$ and said it was her stupid fault for putting her on the account. My sister in law knew she was on the account, she didn’t tell her step mother not to put her on it.
Yeah I went through this and it turned out my parent did not have me on the account as Payment after Death just a joint account. We had to go through probate for that to get the money transferred to me.
I'm new to all this., I really don't even know what probate means to be honest.I'm on my parents account and have been for several years ..my name is on check book. Is this all that is needed? No other siblings
@Cheryl Jensen My mother had intended to have her bank account handed over to me as payment on death in order to avoid probate. Everything else was either a Payment on Death, or insurance , IRA, excecpt this one account. I'd been managing all her accounts for a decade due to her dementia. She even left me (the executor) a note in her instructions about her her final plans. But when it came to settling the estate, that one account held up the the estate for 6 months as I had to engage a lawyer and go to probate court. To this day we never figured out how this happened. An error at the bank?
How long did it take for the probrate to clear?
@@MrRenee22 5 months, However this was in Texas and we did a Muniment of Title-unque to Texas. So will not be the same as any other state.
Can you not put you child on the account without being a signer
Nooo.
.. If MONEY seems to be "attach-able", all kinds of greed suddenly becomes existing! ..
What happens when your child passes. Im so messed up. I know i have to go his bank but the pain 😭😭😭😭
Sorry for your loss.
Is this universal or is each share different?