I added my daughter to my checking and savings. In case I become incapacitated. She has my list of wishes. My burial is paid for. She is responsible and trustworthy.

My Mother lived with us, I was on all her accounts, she also had all funeral arrangements. She died at age 98 and I couldn’t thank her more for doing all this, it made this so easy when dealing with arrangements.

My mother set up 3 joint bank accounts in California: One for each child. One child ran into trouble with the IRS and took money out of that account. When my mother died, that daughter was a little bit salty that she inherited less than her siblings. After my mother died, I was able to withdraw money without problems.

It's unfair, and I'm entitled are two things that drive me crazy. I was the POA for my mother and also the executor when she died. I'm the youngest of my siblings. My parents knew that I would do right and be fair with everything. I was a signer on my mother's accounts while she was alive. I understood that the money in those accounts were not mine, but the estate's when she died. Besides, when my mother past away all accounts were locked until the proper paperwork was given to the bank. Then that money went into her estate account. We also had her funeral prepaid (hurts with taxes on her but too bad) so that it was easier on all of us. My advice to anyone reading my comment is this. If one parent dies make sure you know where everything is located. Where are the accounts if there is more than one. If your parents were depression parents (like mine were) they will scatter their money all over the place. It took two years to find all of dad's things and get them into mom's name. IT's how mom and dad did things. Some things were in both names (properties and some money) while other things were only in their name. It drove me crazy finding accounts after two years and thinking I had it all organized. Everything was put into accounts that were easily found instead of all over the place. When mom did die, it was easy. Everything was in its place to transfer to the estate account. The other thing we did was have mom's Will re-done with the estate attorney when dad died. Everything was the same except for dad being excluded. Nothing was to change except it was updated. The POA was updated. And her living will was updated to a do not resuscitate as to her wishes. Everything was decided by mom as to how it would go down. No coercing or intimidating. Our estate attorney understood that everything would stay the same, but updated to the current laws.

I added my sons name to my account in the event I can’t function, however I only draw SS and a small pension, that’s it. I babysit my grandchildren and my son is grateful and honest. I have no money but I know not everyone’s situation is the same. You offer good advice 🙂

I am joint owner for 30+ years, but it belongs to all my siblings too. People become greedy, but think what did your parents want. Do the right thing.

My parents put me and my brother on their accounts. My mother died first and within 4 years my Dad could no longer take care of things. He went into a nursing home and I took care of all his bills, etc and I never thought his money was mine. The same happened to my aunt. I was on her accounts and she developed Alzheimer’s. Again that is her money for her care. I never felt I was entitled to any of it.

I’m 70 and put my daughter, as a signer, on our bank account 10 years ago. One of the best things I’ve ever done. She’s an only child.

This is a complicated subject. Depends on the type of bank account (single party, multi-party, convenience, or trust), and the bank agreement / signature card. The authorized signor can be convenience signor, a co-owner without rights of survivorship (and whose rights depend on net contributions), or a co-owner with rights of survivorship (and who assumes complete ownership upon the death of another co-owner; and where probate proceedings do not apply). Best to talk with your banker as he advises.

An excellent informative video!👍 Your time and efforts are so appreciated.

Another great video!! I appreciate your expertise in this matter ♥

Thank you very much for this valuable information.

Great information. I'm so happy to have discovered you channel. Keep up the terrific job you're doing.

Thank You Sir.

At time stamp 7:30 the presenter is correct that you need to ask your bank as to how they will treat each scenario. My dad had two different bank accounts and I was the authorized signer on both. I was also POA and the executor of his will. But when he died each bank treated the situation quite differently.

Thanks for the helpful info! Not only does it remind me what NOT to put in a will, but also to track down those older policies and see who the beneficiary is that is listed on that policy.

My sister and I are both signers on our elderly parents bank accounts. We are also equal beneficiaries in their living trust. Makes it very easy when all the parties know where they stand when the parents die.

Wow, I'm that daughter with exception of quitting my job. For the last 20 years, since we moved to US, I've been the one taking care of her. When I did my Will, I asked the attorney about bank accounts and he said just add your name to it. I thought that was enough and had no idea that her account could be frozen, or that I need to check with the bank on their rules about this. Thank you for this and all of your videos.

Very informative video. I was just going to add my daughter to my account, but now I know I need to do something else. Thank you!

I've seen a few of your videos and I am grateful for the valuable information. Thank you so much for offering your expertise.

Paul, this is some great information you're sharing!! Thank you for posting your videos!

Thank you for taking the time to share this important information!

Great information.

Thank you for a great video. I am a new subscriber, but I try to watch yours older ... A lots of....are very interesting

I recently added my son as an authorized signer to my checking account. I have another son who I will be adding once he returns from college out of state. I want someone to have quick access in the event something happens to me. All of my other assets are in a separate trust account, which he and his brother will split 50-50 when I pass. I feel completely comfortable with both sons having access, they are upstanding guys and very financially responsible.

Yes my near and dear made that mistake. Just learned one month ago yesterday.

My lawyer was impressed with the knowledge I had when he sat up my trust, thanks to you. This video clarified what I should do with my checking accounts. Thank you.

I feel like I asked this guy for the time of day and he told me how to make a watch.

I like Paul because he doesnt teach what to think about estate planning but rather how to think about it

Co-owner of the account and POD -- bingo, done -- if that's what you want. Prepay your funeral. That's what my mother has done.

After my father died my mother put me on her account. My father had handled all the finances for 61 years and she was getting to the point that she was not able to handle it.

Thank you..

Good information 😊

No, I was a co owner of my mom account while she was alive, to help manage accounts that she was no longer able to handle. Once she passed, you work with your accountant and setup a new Trust account, so you don’t have co-mingling of these funds so now you and deal with the trust issues next since I was also the future executor.

You give great info. And guidelines and insight into a subject no one wants to talk about. All states have different regulations,laws, etc. But some circumstances are shared by all, like children on title,irrevocable trusts, putting estate in trust for, life estates, you name it! And funny how one child can screw everything up when parents have Alzheimer’s and Parkinson’s and she’s living in their house. She took them to a lawyer with her husband and changed entire will with everything going to her including house. Prior to their death, she added her name to all accounts taking mom with Alzheimer’s and that way the money was hers,not part of estate. She made herself beneficiary to all my parents stocks and IRAS. MY Father was crying when he told me what she did,and when I told my siblings no one would do anything. Too sensitive an issue for them. Didn’t want to cause family tension. My brother and I saw and went to attorney who said it wasn’t worth fighting for unless they had a lot of money…and we’d have to pay him an upfront fee. Fortunately, in NYS the laws have gotten better for reporting elder abuse (including financial). BTW, it was two million dollars after she sold folks house she and her family lived in free for years. Not sour grapes, I have the original will which was division of estate among four children.

My late father had a large account at one bank and a second small account at another bank. He made me a signer on the smaller one. I only did this twice. To pay a credit card when he forgot before he went on holiday and the second was to pay for his funeral. In Australia, with proof, a bank will release funds for funeral expenses which then seals the account until probate is completed. As I was the only person that knew about the small account I could have drawn funeral expenses from the large account and kept the second a secret and just withdrawn all the funds for myself.

The minute my mother died, my brother the executor immediately liquidated their joint bank account and took the money. All of the $$$ that went into the account were hers-SSW,pension

Blessings & good karma be with you. I went through that 'losing my home' terror when my man died. 15 years but we didn't marry & he didn't finish his will. His brothers helped me some but I was basically out of my mind with fear. 3 years ago now & finally at peace with how it all worked out. I'm telling you this to say to just hang in there. Do the right thing now & you will have peace of mind later. Hard days ahead for you- sending you sympathy & good wishes. Survive & things will slowly get better. ❤☮🍀

I love your channel..

My inlaws had my spouse as a signatory and a POD beneficiary to make sure if they were incapacitated someone could write checks and when they died the money could be accessed. They put my spouse on all accounts at each institution and as a signatory for their safe deposit box. They passed rather unexpectedly about 2 years apart. There were 2 other children so they were very clear in their will that the money in their accounts would be used for final expenses first, debts of the estate next and then any remaining would be split 33% with 1% going to the executor, who was a party not included in the will otherwise. They made sure everyone was clear, everyone signed a document acknowledging they understood their wishes. When they passed, we had all original documents in safe deposit and duplicates in a binder. The binder was overnighted to executor, who asked us to go close the accounts and all money was deposited in an estate account the executor established. Children paid final expenses and were reimbursed. Everything went on without a hitch. Because their house was the biggest asset and was in a living trust we didn't have to probate in Washington.

Power of attorney

Or.... don't have a bank account. Too many people believe you MUST have a bank account. But I get along just fine for decades in not having one. A pretty good % of the population doesn't have one.

This is where you need a good banker to explain these things to you. Fortunately, my banker did. He explained the difference between a co-owner of the account, a financial power of attorney, and a beneficiary. A co-owner owns the money in the account as much as you do. An example would be a married couple with a joint account. A beneficiary is the person who receives the money in the account when you die. A financial power of attorney is not an owner of the account but is authorized to access the account and make use of the funds for your benefit. Any other use of the funds is illegal. And unlike a co-owner, a power of attorney can be removed from the account by the owner at any time. And that relationship also ends upon the death of the owner of the account. Should you put a child as a signer on your account? No, unless they are acting as your power of attorney. They can, however, be listed as a beneficiary if you want the funds of the account to go to them upon your death. That's a more likely scenario. Now, in this video we have heard all the wrong ways to do this. Let's discuss the correct way. First, you can have a joint account with your spouse. The two of you will then be co-owners of the account. That solves no end of problems. But what if you aren't married? I'm single, will probably never get married, and I live alone. So, I went down to my bank with my brother and I got him listed on my accounts as my beneficiary. If I get hit by a truck, tomorrow, he gets the money in the money in my account. Then we filled out the paperwork to get him named as my financial power of attorney. My banker had the standard forms for my state. Otherwise, I could have brought paperwork from my attorney. Either way, that paperwork was submitted to the bank's legal department for approval. After that happened, my banker called me back. And my brother and I went back to bank to get things finished up. We showed our ID, and my brother was added to my accounts as my power of attorney. The banker explained precisely what that means legally speaking, and I asked about how my brother would access funds etc. My banker then explained my bank's procedures on that. One of the other options on the power of attorney paperwork was to give my brother authority to use my other assets. What this means is that if I'm in a coma, he can legally go into my apartment and secure my belongings. He can even use funds from my account to rent a moving truck, a storage unit, etc. He can also deal with my landlord or conduct any other business on my behalf. The important thing here, though, is that you should select someone responsible who you can trust to handle your affairs if need be. And you want to look at the options on the paperwork and decide which are applicable to your situation.

My mother recently passed away and my dad passed away some time ago they had three children she put each of our names on three of her accounts if I am right we are responsible to pay Pa inheritance tax on half of the money house is going through probate I went and found a lawyer to help with the whole process after watching your videos thanks for your help

As a retired tax accountant, I have seen the IRS clean out a parent’s bank account because of past due taxes of the adult children and children’s college funds cleaned out because of parents past due taxes all because one was a signer on the others account.

What about having a revocable living trust?

What about the gift tracking in the cases like that?

My brother has my older sister as a POD on his bank account. He told me he instructed her to divide his money between her, myself and

Listening to this guy one moment I feel like I have done the right thing the next words he says makes me not sure. Can I trust my lawyer or has he giver me wrong information? Now I have more questions than answers. My husband and I made the decisions before he passed, now I'm wondered if things are done right. It has been years I'm not sure I really remember correctly.

This is classic!

One of my sisters pressured my mother into putting her on her checking account and credit card after my father passed away. She ended up maxing out the credit card (around $15k) and she nearly emptied the checking account. She was only supposed to pick up things at the store that my mother needed. She actually had the gall to ask for another book of checks after this. Of course my mother canceled the credit card and did NOT give her another book of checks. My mother also refused to press criminal charges as she didn’t want to see her daughter go to jail. My brother, other sister, and myself all wanted her arrested but it wasn’t our choice.

Paul thank you for your presentations which are valuable specially to senior citizens ,my friends and me. I am taking down notes because these are valuable information. My friends and I are already in our 70s and 80s .kindly speak a little slower so we will not miss the important points. Thank you .

My bank has an option called POD or payable on death. I set my wife up as POD and upon my death, she can access the money in the account by showing a death certificate.

And give copies in a safe place to access. Because if someone does something illegal on checking account. Like the parents sister or brother getting ahold of the check book. And that account needs to be protected. The back then covers their butt’s for allowing a fraud check clearing in the first place. Then they say who ever is on the signature card, isn’t there! It happened to me. With my grandfather. My grandfather’s brother’s wife, got ahold of his check book. And her daughter wrote checks. I found out. And fought to stop it. Then the bank head person denied any wrongdoing happened. And said I wasn’t on any of my grandfather’s paperwork or card. I had contacted the legal department of the bank first. And had received a letter from the bank acknowledging me on my grandfather’s account. But inside the bank branch itself. It was a whole different situation of corruption. GET COPIES.

I haven't seen all your videos but I have two cars in the U.S. My eldest daughter is on title an or owner. She can sell the car out from under me. I live overseas. It's a car. Food for you videos.

You are an excellent administrator

What should we do then

Great video

Bank told me there is no such thing as a signer on your account. The person is either on your account jointly or they are not.

I took care of my mother and I give the home to the other kids and there was not much money in there and the home was wroth more money and they all so got everything in the house I had power of Attorney as-will when she was alive but had POD at the bank

New subscriber: in California everything seems more difficult. Do you have a fellow attorney in California I might listen to. Thanks for your great help with all your videos.

Any child or relative that is trusted to have their name on a loved ones bank account has a moral duty to act as that relative would want done. It’s disgusting to hear about the greed people show when a loved one dies. I’ve seen and heard of it many times and it sickens me. It is a rough situation when siblings wash their hands of helping care for a loved one and that one stands up and takes almost full responsibility and then when the day comes to talk about the estate they stand there with their hand out looking for a payday. SMH how vile. I have siblings and I think these reasons are precisely why my mother named me executor, Durable-power of attorney, Health care proxy etc... my siblings were informed and also asked and they agreed I was the best fit but something tells me when that horrible day comes they may not see things the same way. One has already made it a point to tell me if anyone keeps the house the rest have to buy her out...wtf kind of thing is that to say? I’m not even going to those details in my mind yet she’s “letting me know this” smh 🤦🏻 greed almost has zero boundaries.

what of a joint savings a/c with a child

A revocable trust is the best way without to many problems 🤞

Great Info Paul, I'm 'the 74 yr old child', (executor)whose name was on my parents account, now they have passed. I divied-up equally account assets, (100K)5 ways w/my 4 siblings. Still not sure how Ohio Taxes will view-that?? Will be watching all your videos. Thanks again, for providing all this important info..

If you have POA you can sign for your parent but being on the account make you liable for their debt.

So then, how the money will be protected if something serious happens to a Senior Parent. Just in a Legal Document? . Please make a video about this.

You say that a co-owner cannot keep all the money that is in a bank account because they are a co-owner and that the money is part of the estate, but everyone else says that the person that is a co-owner can go to the bank and withdraw all the funds and there is nothing you can do. Is this scenario only true in your state? Please advise.

That is not the way it works in Texas if you are not just a signer but a co-owner the money belongs to the survivor.

Is this universal or is each share different?

Grandma had the right idea. She kept her $$$ in a coffee can in the pantry!

What if you have your daughter is executor of the will plus POA but son is on my checking/savings account??

Can you put a non trustee as an authorized signer on an account titled to your trust?

So I am a signer on my mother's checking account. She has a very large equity line of credit on her home that she will never get paid off. The monthly payments for that is attached to her checking account. My concern is whether or not the bank can come after me for the balance of the equity line when my mother passes. Her house and the equity line of credit is in her name only, my name is nowhere on it. But since the monthly payments are attached to the checking account, my fear is that they will try to get the money out of me and ding my credit rating. Is that possible or am I safe from that? I'm not sure if I'm just a signer or a co-owner of the account. I'm going to have to check with the bank on that.

What about assignment of a child as a beneficiary to the account after death of the account owner?

You are on the account, but you don’t own that money. Handled an estate where this happened. Brothers sued the sister and won. It wasn’t her money’s that was in bank. Paper trail...all deposits can be brought up. Judge ruled in estate favor for sure.

I had my wife on my mortgage and she drained my line of credit without my knowledge. The credit line was there for emergency’s. Only to find out when my house was payed off I had a $100.00 owing on my line of credit. Sold the house and she was still entitled to half and I was responsible to pay the line of credit.Don’t trust anyone

I would like to put my granddaughter on the acct.account. as an authorized signer .POD..

That sounds like Frankie and joann

You never said if it was a good idea to put a child on as an authorized signer or not -- and if you do, can they pay bills and funeral expenses etc after mom is gone?

Are you a available for tax planning???

Nooo.

Greed in families when there is a death is real. You will see the worst in people..people feel entitled and its usually done by the person who did nothing and are well off and are money hungry

If you child is named on your bank accounts and is the official executor in your will, would that child have total access to those funds upon your death. ( No spouse at all on account.)

No the bigger issue was can lawyers sue the child, and you never spoke on it!!?

.. If MONEY seems to be "attach-able", all kinds of greed suddenly becomes existing! ..

I just did this Friday with my son. I added him (my only child…much easier!) to all of my accounts with the statement to the bankers that I want him to be able to go and get it upon my death. I am also on his account. I need to find some time to watch all of your videos as I have an appointment next month to get a will and I’m pretty much clueless. Again, it’s easier with one child. I just want my ducks in a row.

Then how did my sibling remove all of the money from my mothers account and put it into his bank account? The two of us were co owners on mom’s account. How did the bank allow this? Mom was main account holder

Question. If my brother is given guardianship over my which he has recently petitioned to become, and she (god forbid passes soon after) what happens to the monies and her assets such as her 1.5million dollar home which she has willed to her three children? Does he keep all that for himself?

👍👍👍

As the Power of Attorney for my single brother who is 87 years old with no children, how can I protect his cash (aside from interdiction) so that he does not give it all away? He needs all of his cash to pay for his nursing home care. He has enough cash to pay for approximately five more years of nursing home care. He has a tendency to give away his money.

As far as I know, I have watched all your videos on setting up and operating a revocable family trust. I would like to say, thank you very much for posting this information. It has made a big difference in my understanding of how the trust operates and what my duties are as a co-trustee. After watching these videos I would like to hire you to "provide information", not legal advice, on a bullet list of questions I need to better understand. Basically, I want to get all my ducks in a row.

Give the kid a $500 gift card . When he runs out he can bring receipt and you can determine if the kid gets more orshould pay some back.

My mom just added my brother to her bank account-"to avoid probate" " to allow him to write checks when I am unable" " to ensure the bank won't seize the account upon my death". Too bad she isn't watching your content! The bank was said to have not permitted me the daughter to be added as I wasn't there in person to sign the paper work. Now bother has full access, including internet access to my mother's account. Mother has never used a computer nor smart phone. Brother told her not to worry, the 3 people that live with him (not yet joined in #4 marriage) have NO access to the computer he uses. And that there is a layer of protection of 4 passwords he must enter before even he can access. (wonder if the passwords are in the top drawer of his desk). So I learned from this content...he doesn't JUST own half or all as it is not his money. And that the bank may still seize/block access from funds even on POD/ and from previous video, even though brother is on account, nursing home can STILL take funds. ~ And I learned adding one kid doesn't knock out the other? Thanks REP!

Can you not put you child on the account without being a signer

I'm worried if my kids get sued they could take money from our shared account

Why not just make them beneficiary or a contingent beneficiary instead of a signer?

Yeah I went through this and it turned out my parent did not have me on the account as Payment after Death just a joint account. We had to go through probate for that to get the money transferred to me.

How old does the child have to be?

I was a owner of my moms bank account