July 29, 2011
The word “probate” often conjures visions of lawyers, long waits, loss of inheritance, and many other hassles for heirs of an estate.
To calm these fears (and to avoid working with an attorney), many people consider the idea of adding one or more of their children to their bank accounts. Generally speaking, each “joint tenant” of an account has complete access to the money, but when one dies, the entire amount becomes the property of the other joint tenant(s).
This may seem like a logical way to directly transfer money to heirs without going through the probate process, but there are some very undesirable drawbacks. As a skilled probate attorney in Sacramento I’d like to clarify some of the potential pitfalls of this approach:
If you are considering adding a loved one to a bank account as a means to avoid probate, it’s important to at least talk to a Sacramento probate attorney about your options. You may find that giving your loved one power of attorney over the account or holding your assets in trust may be more desirable and beneficial based on your circumstances.
To get the information you need, please feel to give our Sacramento probate law firm a call at (916) 241-9661 and ask if you qualify for a free Peace of Mind Planning Session ($750). During this comprehensive session, we can help you determine the best methods for protecting your assets if death or disability should occur. However, these sessions are limited to 10 per month so call today!