Some advice please

[Ann1937]

I live in New York State. I have a friend who has a few thousand dollars in a savings account, which in case of her death she wants divided between her two sons. She wanted to put the money in two accounts with the name of one son on each account so they could withdraw it upon her death to pay expenses, etc. She has nothing besides to be probated. One son is not good with paying his bills and I told her that if there ever was a judgement against him her money could be taken by the creditor because the son's name is on the account. Is there anyway to set this up so they could not take her money? Thanks to anyone for information.What is the name of your state?

 

[seniorjudge]

I live in New York State. I have a friend who has a few thousand dollars in a savings account, which in case of her death she wants divided between her two sons. She wanted to put the money in two accounts with the name of one son on each account so they could withdraw it upon her death to pay expenses, etc. She has nothing besides to be probated. One son is not good with paying his bills and I told her that if there ever was a judgement against him her money could be taken by the creditor because the son's name is on the account. Is there anyway to set this up so they could not take her money? Thanks to anyone for information.What is the name of your state?

Set up a living (i.e., revocable) living trust; the trustee can be ordered to pay out just a little dab every so often so they do not dissipate the dough and get into bad shape.

https://forum.freeadvice.com/showthread.php?t=263758

 

[AlexandriaDumas]

Have her put the money in two accounts in her name, and one son as a beneficiary on each account. This way the accounts will not be in their names while she is alive. Upon her death the sons can go into the bank with a death certificate and withdraw the funds as she wishes.

 

[Dandy Don]

Are the sons minors or adults?

 

[Ann1937]

Both are adults, but one has financial problems.

 

[seniorjudge]

Both are adults, but one has financial problems.

Then do the trust deal....