Dispostion of Joint Bank Accounts at Death

[Dan1959]

What is the name of your state?What is the name of your state? Oregon

I am currently the POA for my uncle who is in a care facility with Alzheimers. Our names are on a bank account that is used to pay his medical expenses and care. He also has an account that is managed by the bank in the form of a trust. My uncle has told me that I could have whatever is left in the joint account upon his death, however he has not indicated this in his will. His will leaves money to the remaining relatives, including myself, and a scholarship fund. I do not want to take money from this account if it is not on the up and up. Thanks.

 

[seniorjudge]

What is the name of your state?What is the name of your state? Oregon

I am currently the POA for my uncle who is in a care facility with Alzheimers. Our names are on a bank account that is used to pay his medical expenses and care. He also has an account that is managed by the bank in the form of a trust. My uncle has told me that I could have whatever is left in the joint account upon his death, however he has not indicated this in his will. His will leaves money to the remaining relatives, including myself, and a scholarship fund. I do not want to take money from this account if it is not on the up and up. Thanks.

Money in a joint account goes to the surviving joint tenant on the death of the other joint tenant. You need do nothing else upon his death; it's automatically yours. That's what he intended because he set it up that way. Joint assets do not pass through probate.

 

[Veronica1228]

Money in a joint account goes to the surviving joint tenant on the death of the other joint tenant. You need do nothing else upon his death; it's automatically yours. That's what he intended because he set it up that way. Joint assets do not pass through probate.

This is true, just make sure that you are in fact a Joint Owner and not POA which ends when your uncle passes away.

If you are only a POA, see if you can have your uncle add you as joint owner, or at the very least, POD. This will insure that you will have no problems when that sad day comes.

 

[seniorjudge]

This is true, just make sure that you are in fact a Joint Owner and not POA which ends when your uncle passes away.

If you are only a POA, see if you can have your uncle add you as joint owner, or at the very least, POD. This will insure that you will have no problems when that sad day comes.

Uncle is already incompetent.

The POA may indeed give OP this power; it would be worth OP's time to talk to a lawyer.

 

[Dandy Don]

He also needs to find out information about the trust account at the bank--who is trustee, and is that account titled in the name of a trust, and is that account mentioned in the will and will it pay out according to the terms of the will or not--is there a trust document he needs to be looking for.

DANDY DON IN OKLAHOMA ([email protected])