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co-signer question?

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spaghetti

Junior Member
What is the name of your state (only U.S. law)? NH

Over the years my Dad has been putting money aside in two different accounts for me and my sister. About 40 thousand each. My Mom is still living. If my Dad passes, does this money go to me and my sister or to my Mom? I know by law you are able to give 10 thousand per child per year. This is how he has been doing it. My Mom isn't listed on these accounts.
 


anteater

Senior Member
ADDITION: The reason for the questions below is that "co-signer" is an imprecise term for what you are asking.

What kind of accounts?

How are the accounts titled? Are they, perhaps, UGMA/UTMA accounts?

Do the accounts have beneficiary designations - Pay on Death (POD) or Transfer on Death (TOD), depending upon the type of account?

(The allowable anuual gift without having to do any gift reporting is now $12,000 per year per gift recipient.)

If your Dad has been doing this informally, that is, the accounts are solely in his name and with no beneficiary designations, and he passes, then they would still be his assets and would pass according to his will or NH's intestate statutues.
 
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spaghetti

Junior Member
The accounts are checking and CD's. I am the co signer on the checking and the beneficary of the CD. He says he has a will but I think it is very old.

My Mom has accounts of her own too.
 

seniorjudge

Senior Member
The accounts are checking and CD's. I am the co signer on the checking and the beneficary of the CD. He says he has a will but I think it is very old.

My Mom has accounts of her own too.
You don't need to be a co-signer; you need to be a co-owner.
 

TrustUser

Senior Member
it sounds like you are on good terms with your dad. why not just ask him how the account is titled ? and ask him to verify with the bank that the money goes to you when he dies.

a will does not control an account with a pod on it.
 

anteater

Senior Member
You don't need to be a co-signer; you need to be a co-owner.
TrustUser it sounds like you are on good terms with your dad. why not just ask him how the account is titled ? and ask him to verify with the bank that the money goes to you when he dies.

a will does not control an account with a pod on it.
Thank you, gentlemen. You saved me the trouble. Sheesh!
 
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