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Can you be a joint owner on a bank account the beneficiary and the power of attorney on your mother account?
Wiki User
∙ 14y ago
You can have a joint account with your mother. You do not need a Power of Attorney to manage the account because it belongs to you as the co-owner. You do not need to be listed as the beneficiary on the account because it belongs to you as the co-owner.
A Power of Attorney would empower you to act on your mother's behalf in all her business and legal matters except writing her will. You should consult with an attorney if your mother is thinking of doing some estate planning. The attorney could review her situation and explain her options.
Wiki User
∙ 14y ago
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What is the difference between a joint account and a beneficiary to a bank account?
a joint account is an account that is joint together for an opening account. While beneficiary account are people that gain some promo from the bank
What rights does the beneficiary of a joint bank account have when the other joint owner is deceased?
When two individuals have a joint account together and one dies the other is the sole owner of the account. The survivor is not considered a 'beneficiary'. They have all the rights that any account holder would have in any account.
Why put a beneficiary on a joint account?
A beneficiary is the person to whom the proceeds of a bank account will be paid in case of the demise of the account holder. In case of a joint account holder, there will be legal heirs or immediate family members of both account holders. So in the case where either or both of the joint account holders are dead, the bank will be in a fix as to whose family needs to be paid the money that is held in the account. In such a situation the presence of a nominee or beneficiary will be useful to decide who gets the money.
Is there a need for probate if the wife is sole beneficiary under a will and the only property is a joint bank account with right of survivorship and miscellaneous personal effects?
Probably not, but your local probate attorney will know for sure.
What happens to money in bank when you die?
If it is your sole account you should always name a beneficiary. The bank will assist you if you visit any branch. If no beneficiary was named the funds in the account become part of the owner's estate upon death. If the account is a joint account with the right of survivorship the full ownership will pass automatically to the surviving joint owner (who should then name a beneficiary through the bank).
Can someone remove a Payable of Death off the account if they were not the original owner?
No one other than the owner of the account can change the POD beneficiary. However, there is a conceivable possibility that a person with a sole account naming a POD beneficiary later added a joint owner to that account. Upon the death of the original owner that account would become the sole property of the surviving joint owner who could then change the POD beneficiary.
Your mother died and left her daughter a joint account can anyone draw money out of that account?
No. As with any bank account only the account owner can withdraw money from the account. If the mother set up the account as a joint account with her daughter (with both mother's and daughter's name on the account as joint owners) the full ownership of the account passed to the daughter when the mother died. No one else can make withdrawals.
Is a joint savings account considered taxable as part of an estate?
My mother and i have a joint savings account my mother passed away does the money in the account become part of the estate
Do I as a joint person on a checking account have the right to the check book One of the owners of this account has another person with power of attorney handling the account?
Yes. As a joint owner of the account you have as much right to the account as the other joint owner.
What if you have a POA acct for your mother what if you die who can transact the account?
First, the account should be in your mother's name since the funds are her property. A POA allows you to act on behalf of your mother and sign any legal documents in her place. You shouldn't place any of her assets in your name. To act as an attorney-in-fact you present the POA to the bank for their records and then you can act for your mother as manager of her account. Remember the account should be in her name.If she wants you to have the account upon her death then the account should be a joint account in both your names. In that case if she dies the account will belong to you. For a joint account you don't need a POA because as a joint owner you would have full power to manage the account on your own. However, the account will be vulnerable to your creditors.If everything is set up properly and you haven't converted any of your mother's property to your name your mother only needs to appoint a new attorney in fact under a new POA. Her account shouldn't be in your name because that arrangement will cause your mother's money to become part of your estate and it will be inaccessible to her until your account can be closed by a court order.If you are concerned, your mother can name a successor attorney-in-fact within the same POA document that appoints you as the AIF. The POA can state the successor will only have power in case of your death.You should discuss this matter with an attorney who can review your situation, your mother's wishes and explain your options.
My mother passed recently and had no living will.I am her only child. Do I have to go through probate to access funds in her bank account?
Yes, this must go through probate. The only exception is if you are already a joint account holder or if she had an "in the event of death" beneficiary on the account with your name on it.
The will clearly shows the intent to split assets equally among all sibling's but the beneficiary named on all accounts is one sibling who is also executor. What happens to all the money?
There are several missing details in your question. Generally, a joint bank account passes automatically to the other joint owner when one owner dies. However, a joint bank account does not necessarily pass to the surviving joint account owner if the account was arranged as a joint account only for purposes of convenience; so the other joint holder could perform the banking and bill paying tasks for the primary account owner. In that case, even though it is listed as a joint account, it would become part of the estate and pass according to the terms of the will.However, there is another way a bank account can be set up to pass to a beneficiary on the death of the owner. If the owner executed a payable on death directive with the bank, the account will be paid over to the named beneficiary and bypass probate. Even if all the other assets of the testator are divided equally among the heirs in the will, a payable on death account would pass to the beneficiary named in the bank records. The existence of the arrangement at the bank is evidence the testator wanted that bank account to pass outside of probate.If you have any doubts you should discuss them with the attorney who is handling the estate.
