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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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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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Revocable Trusts also avoid probate but use a lawyer.

buzman
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Thanks for the replies!

But, what is JTWROS?
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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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Joint Tenets

I believe it's Joint Tenants.

Hedge
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Joint Tenets
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I believe it's Joint Tenants.

Hedge
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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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