Joint Bank Account After Mother Died - Do I Tell My Sisters? | Real Attorney Reacts

[@BurtonLawLLC]

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[@neweyes7975]

The Law often allows, what honor forbids.

[@fredMplanenut]

Good video. However, if all the assets are taken into account, how would that joint account be divided? there appears no full audit account. Good luck with that one.

[@sunlight4169]

Joint bank accounts should be avoided. Very rare circumstances when a joint bank account is the better option.

[@yvetteroberts3147]

I would not inform anyone else about the joint bank account. The mother appreciated the sacrifice that her daughter did.

[@Amanda-vi3di]

She’s already covering her bases for taking the money by explaining how much she did vs siblings. She’s got her mind made up

[@JMTaylor-iu6vr]

✓✓✓

[@Charles-in3zt]

Thanks for sharing this information. My question is this. I am the joint owner with my mother on her account at a bank. I handle her finances and thought this would make it easier to pay her bills online as she cannot. I know the money is not mine. We have my brother and sister as beneficiaries. If my mother passes before me I would like this money to then go equally to me and my two siblings. In order to do this do I have to take myself out as a joint owner and install a payable on death of my mother as the sole owner of the account? My other thought is I could remain a joint owner and then gift my brother and sisters share to them. The amount is $75,000 and I thought I could gift $25000 to each sibling and their spouse($12,500 each). This would disperse $50,000 and then the remaining $25,000 would be my share. What do you think. I know the gifting to the spouses might be a concern for you but they are both in very long term marriages so I don't believe that would be a concern. I really appreciate how you advise on not only the legal but also the moral right thing to do in order to take stress and guilt off of your clients. It is obvious to me you are a good person and attorney.

[@Charles-in3zt]

ks for sharing this information. My question is this. I am the joint owner with my mother on her account at a bank. I handle her finances and thought this would make it easier to pay her bills online as she cannot. I know the money is not mine. We have my brother and sister as beneficiaries. If my mother passes before me I would like this money to then go equally to me and my two siblings. In order to do this do I have to take myself out as a joint owner and install a payable on death of my mother as the sole owner of the account? My other thought is I could remain a joint owner and then gift my brother and sisters share to them. The amount is $75,000 and I thought I could gift $25000 to each sibling and their spouse($12,500 each). This would disperse $50,000 and then the remaining $25,000 would be my share. What do you think. I know the gifting to the spouses might be a concern for you but they are both in very long term marriages so I don't believe that would be a concern. I really appreciate how you advise on not only the legal but also the moral right thing to do in order to take stress and guilt off of your clients. It is obvious to me you are a good person and attorney.

[@Charles-in3zt]

Excellent video thanks for doing it. A question I have is that my mother and I have a joint account with her money in it as I handle her finances for her and as she is older it was easier to pay her bills and move money as I needed to without the hassle of guiding her through it. We have a payable on death of the account to be divided equally between me and my two siblings. Even though I am a joint owner I know this money is not mine. Perhaps I should ask to be taken off as a joint owner and just keep the payable on death to us when Mom passes. I am also her executer on her will so I think I would still be able with that title to settle her bills before distributing what's left to us kids. Is this correct? If I stay as a joint owner I guess I would be able to gift the money to my brother and sister. The amount is $75,000 so $25,000 each. I thought I could just gift them and their spouses $15,000 each to disperse what is rightfully theirs. What do you think? Thanks for being so honest in your video about doing what is not only legally right but morally right as well.

[@BurtonLawLLC]

Thanks for tuning in and for your comments. For your specific questions, I think you should review these questions in private with an attorney licensed in your state to ensure the estate plan is all in coordination with your Mom's wishes. In general, a person can still be an authorized signer on an account (have signature authority ) or act on the principal's behalf under a power of attorney even if they are not a joint owner of the account. Check out this blog article for a general overview www.finemarkbank.com/authorized-signer-vs-joint-owner/

[@Charles-in3zt]

hello

[@Charles-in3zt]

ks for sharing this information. My question is this. I am the joint owner with my mother on her account at a bank. I handle her finances and thought this would make it easier to pay her bills online as she cannot. I know the money is not mine. We have my brother and sister as beneficiaries. If my mother passes before me I would like this money to then go equally to me and my two siblings. In order to do this do I have to take myself out as a joint owner and install a payable on death of my mother as the sole owner of the account? My other thought is I could remain a joint owner and then gift my brother and sisters share to them. The amount is $75,000 and I thought I could gift $25000 to each sibling and their spouse($12,500 each). This would disperse $50,000 and then the remaining $25,000 would be my share. What do you think. I know the gifting to the spouses might be a concern for you but they are both in very long term marriages so I don't believe that would be a concern. I really appreciate how you advise on not only the legal but also the moral right thing to do in order to take stress and guilt off of your clients. It is obvious to me you are a good person and attorney.