answersLogoWhite

0

Yes. Probate may be avoided as to the accounts in question by putting another person on the account. Other assets, such as real estate, may go to probate however. This answer applies only to the accounts mentioned.

I caution you not to do this, however. If you put another person on your account, they become a joint owner. This means they can access your property. Worse yet, their creditors can access your property if they get into financial difficulty or get divorced. Your account could be at risk.

It is better to set up a pay on death account or otherwise name a beneficiary for the account to take place upon your death. While this is better than a joint account, there are still potential problems. What if your named beneficiary dies before you? Your account will be back in probate. As account values rise and fall, you may end up with a smaller gift to the beneficiary than you wished.

Without knowing the value of the accounts in question and whether or not there are other assets to consider, it is difficult to give specific personal advice. For specific advice, you should consult a local licensed attorney. My usual recommendation is to set up a revocable living trust in order to avoid probate, however if the estate is small, that may not be needed.

User Avatar

Wiki User

14y ago

What else can I help you with?

Related Questions

How can you get the money from your deceased mothers checking account?

The executor of the estate can close and empty the bank account. Distribution will be in accordance with the will. Consult a probate attorney in your state. You have to wait until the will goes through probate.


What property is subject to probate in Florida?

Let's qualify the answer: All property not otherwise disposed of either during a person's life or by operation of law upon death. For example: A checking account that has a designated POD (payable on death) beneficiary named in the bank's records, would generally not be subject to probate. If Joe opens a checking account and makes Jane the POD beneficiary, then upon Joe's death, the checking account proceeds automatically go to Jane. They are NOT subject to probate.


Do you have a right to see your parent's checking account if they have both died?

As an individual, you generally do not have an automatic right to access or view your deceased parent's checking account. After their death, the account typically becomes part of their estate, which is subject to the probate process. Only the appointed executor or administrator of the estate would have the legal authority to access and manage their financial accounts.


Can a US bank freeze a checking or savings account when a person dies?

Most states requre that the probate courts be allowed to investigate all of the finances of the deceased.


What if your father passed away and you are the executor of his estate He has a checking account and the bank will not give you any information on it Can they hold any info from you?

If you have officially filed the will for probate you should have received a document called letters testamentary from the court soon after you filed. Present that document to the bank and if they still won't issue a check, get a probate attorney. tiekh@yahoo.com Probate Researcher


You and your father have a joint savings account separated by 'or'. When he dies does the the money go to probate?

No. When one joint owner of an account dies the account will become the sole property of the surviving owner with no need of probate.


I have a joint account with my mother. Upon her death do I have to go to probate?

Full ownership of that account will pass to you upon your mother's death without any need for probate.


What probate court form is for the release of deceased bank account?

You need to inquire at your local probate court.


What does joint account mean in a probate?

Generally, a joint account is a non-probate asset that passes to the surviving co-owner bypassing probate. Generally, it is not considered part of a decedent's estate.If an account is described as joint but with no survivorship rights then the funds would become part of the primary holder's estate rather than automatically passing to the other joint owner. That type of account is generally set up for purposes of convenience to allow one person to pay bills and do the banking for another person.


Is an in trust for ITF account part of an estate?

No. That type of an account has a named beneficiary and it would pass automatically to the beneficiary. It would be a non-probate asset.No. That type of an account has a named beneficiary and it would pass automatically to the beneficiary. It would be a non-probate asset.No. That type of an account has a named beneficiary and it would pass automatically to the beneficiary. It would be a non-probate asset.No. That type of an account has a named beneficiary and it would pass automatically to the beneficiary. It would be a non-probate asset.


Can an heir who is also a personal representative request an accounting on a Joint Tenancy With Rights Of Survivorship checking account from the Colorado Probate Court?

If "personal representative" means anything other than executor/executrix then it does not apply as all POA's, guardianships, conservatorships, etc. become null and void when the person dies. Even so, an account held as JTWROS or JTWRS is not subject to probate procedure and the probate court would have no jurisdiction over such a matter. The exception would be if there is substantiated proof that the account was established under fraudulent means or by coercion or other such illegal acts of the joint account holder(s).


If you had a joint checking account with your deceased mother will you have to put it an estate account?

Yes, typically when one of the joint account holders passes away, the joint account automatically transfers to the surviving account holder. However, it is advisable to consult with a legal professional to determine if any specific actions need to be taken, such as transferring the funds to an estate account.