Joint account vs will

How long is "Joe" expected to live? I'm guessing that the $60,000 will be gone in no time paying for his exenses. What are either one of you thinking?

How does cousing intend on updating the will if your friend has dementia? If the will is altered and your friend was not capable of understanding it, it is contestable.

As well, what legal right does cousin have to even consider this?

joint account vs will

thanks justalayman and curb1,
Joe is 80 and in poor health, doctors did not give us a timeline as to how long he might live. If he outlives his money then we are thinking Medi-Cal, Gap?

Am I correct in believing that joint accounts do not become part of a will? Also, the will in existance is old and it's never been recorded, so "updating" will probably be filling out a new blank form and asking Joe to sign.

I am concerned that the money will be withdrawn in some attempt to fund the updated will, I am trying to find out how to protect my interests and possibly Joe"s.

If he chooses to fund the will from his account then that's his business and it's his money.

He needs to go to the bank and take both of the other names OFF of the bank account and give power of attorney to only ONE person. Then any monies left in the account go into the estate. He may also want to consult a family law attorney to see whether he wants to name someone to have guardianship with financial authority to handle his affairs.

And the entire will needs to be retyped--updates can't be done by simply filling out a form.

DANDY DON IN OKLAHOMA ([email protected])

Good luck with drawing up a new will. "Last year Joe became bedridden and diagnosed with dementia."

I think the existing will is the one that will endure. Too late for changes/new will. At this point the people he trusted before dementia will need to act in Joe's best interest. That $60,000 will be gone before you know it. Don't either one of you use the assets for personal reasons, penalties are severe. Document all expenditures very well.

It will be better to follow Dandy Don's advice to get other names off the account and get a POA.

Joe is a widower with no children or family. He doesn't own a home, car, jewlery, stocks or bonds, anything of value and of course if he goes into a nursing home this question will be moot in less than 6 months!

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You'd be surprised at who comes crawling out of the woodwork when one dies, especially relatives.

Cousin now wants to "update" his will as the main beneficiary with $5,000 for me. Should cousin plan to fund the will with the joint accounts, how do I protect my interest? We have equal right to withdraw money at any time.

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Sorry, cousin has absolutely no authority to change/update Joe's will. Joe cannot sign a new will nor sign/draft a POA because of his dementia.

Joe needs a guardian appointed by the court in the county where he is domiciled. Y'all need to remove your names from his bank account(s).

Dandy Don said:

If he chooses to fund the will from his account then that's his business and it's his money.

He needs to go to the bank and take both of the other names OFF of the bank account and give power of attorney to only ONE person. Then any monies left in the account go into the estate. He may also want to consult a family law attorney to see whether he wants to name someone to have guardianship with financial authority to handle his affairs.

And the entire will needs to be retyped--updates can't be done by simply filling out a form.

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Joe cannot draft a new will.

curb1 said:

Good luck with drawing up a new will. "Last year Joe became bedridden and diagnosed with dementia."

I think the existing will is the one that will endure. Too late for changes/new will. At this point the people he trusted before dementia will need to act in Joe's best interest. That $60,000 will be gone before you know it. Don't either one of you use the assets for personal reasons, penalties are severe. Document all expenditures very well.

It will be better to follow Dandy Don's advice to get other names off the account and get a POA.

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A person with dementia cannot draft/sign a POA.

How does one fund a will?

joint account vs will

Kind of you to share your knowledge.

We had a phone consultation with elder law attorney. Her initial opinion is

that joint bank accounts pass outside of a will,

that dementia comes in stages and diagnosis should reflect this, Joe's might be mild making him still fit to act on his own behalf and that there is an affidavid(sp?) for witnesses to the will to sign as to how they see his compenency.

she suggested to prepay the funeral because of the small amount of assets which might be totally depleated for his care

any thoughts?