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Author: tymmo Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 76418  
Subject: Joint or beneficiary Date: 1/25/2005 5:29 PM
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Hiya all!

I was talking with my mom earlier and she waxed morbid and asked about whether having bank accounts (with her husband) should be joint named, or single named with a beneficiary named. She does absolutely none of the finances of the family and was wondering how that would affect probate...

So, to avoid probate, should the accounts be in both their names or one name with the other as beneficiary?

Thanks!

tim
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Author: 2gifts Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 44179 of 76418
Subject: Re: Joint or beneficiary Date: 1/25/2005 7:37 PM
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So, to avoid probate, should the accounts be in both their names or one name with the other as beneficiary?


To avoid probate, the assets should be JTWROS. Those assets will pass outside of probate, though they are still considered part of the taxable estate.

If your mother will have to worry about things like estate taxes, then she should speak with an estate planning attorney and learn about things like trusts. When there are estate tax issues, it can make sense to create and fund trusts to preserve the lifetime exemption of both spouses so that when the remainder passes to the children, there will be fewer estate taxes due.



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Author: buzman Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 44182 of 76418
Subject: Re: Joint or beneficiary Date: 1/25/2005 10:54 PM
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Revocable Trusts also avoid probate but use a lawyer.

buzman

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Author: tymmo Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 44292 of 76418
Subject: Re: Joint or beneficiary Date: 1/28/2005 5:34 PM
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Thanks for the replies!

But, what is JTWROS?

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Author: wcfenton Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 44293 of 76418
Subject: Re: Joint or beneficiary Date: 1/28/2005 5:48 PM
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But, what is JTWROS?


Joint Tenets With Rights Of Survivorship. A good way to escape probate when one predeceases the other.


Regards,
Bill

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Author: Quakeboy02 Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 44295 of 76418
Subject: Re: Joint or beneficiary Date: 1/28/2005 6:42 PM
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Joint Tenets

I believe it's Joint Tenants.

Hedge

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Author: wcfenton Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 44299 of 76418
Subject: Re: Joint or beneficiary Date: 1/29/2005 10:19 AM
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Joint Tenets
---------------

I believe it's Joint Tenants.

Hedge
---------------

By golly...I do believe you're right! Thanks for being my spell-checker Hedge. That's what I get for not re-reading my posts. :0)

Regards,
Bill



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