I'm told by somebody with personal experience that even though my name is on Mom's bank accounts, when she dies the account will still be locked pending probate because my brother and I are both named in the will. The advice is that I should move most all the money to a new account without Mom's name on it. Does anyone confirm this to be true. I am in TN.
Also - if I move the money into a new account with my and my brother's names, does it affect our taxes?

As executor for my brother, he had my name as a joint tenant and I had no problem even reporting to the bank. I still filed for probate since one of his accounts listed no beneficiery. Later, after I got court papers, the bank changed to a new account labeled as "The estate of" My lawyer who helped with probate notified me that even though I was not listed in the will as a beneficiery, only executor, the remaining money in the joint account was mine.
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Reply to MACinCT

On my fathers acct his name was first and mine was under it and next to my name it says trustee. He just died recently and i had no problem closing the account.
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Reply to Dcurnan

Seldel, you need to raise this question directly with one of the bankers to ensure that the wording on the account allows direct passage on death.   

It should be something to the effect of "Seldel's mother and Seldel, jointly  (or joint tenants) with rights of survivorship."   The survivorship wording is the key to allowing funds to pass directly to you on death.

I don't recall for sure whether the "joint tenant" wording was on our accounts.   But they were jointly held, and passed to me w/o any action whatever after my father died.

You should also ask the banker about liability in the event the funds are frozen for debts; it shouldn't extend beyond that joint account, but double check to be sure.
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Reply to GardenArtist

It may depend on how the account is worded. I was on my Moms acct. Her name first, mine second. Only her money went into it. My name was there so I could pay her bills. I had no problem closing it out. I am under the impression, your name is on it its your money when she passes. But, I would check with the bank.
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Reply to JoAnn29
pamzimmrrt Apr 6, 2020
Same here,, I was on dad's account listed below his name,, as if I was his wife ( the bank knew I was not, just a regular joint account) No problems after his death. I am on all mom;s accounts the same way,, we have been told there will be no problems there either when she passes. I am on her investment accounts also,, have been told as "co owner" or whatever,, no problems.
Being joint owner of the account is not a good ideas according to our elder care attorney because it makes you, and your other assets, liable if your mom is sued. It is better to have POA on the account to protect to both parties as the same is true if you are sued...your mom's assets can be tapped.
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Reply to Judysai422
JoAnn29 Apr 6, 2020
I think that maybe if you co-mingle funds.
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If you are a joint owner on a bank are free to do whatever you like with it. You could empty and close the account at any time

It does not require a death certificate unless you are only on the account as POD (pay on death).

my Mom put me as joint owner on nearly all of her accounts, most of them didn’t allow a POD designation. I had to prove nothing to the bank after she passed. Except the bank accounts I learned about after she died, no bank even so much as questioned my rights.
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Reply to Katiekate

It’s my understanding that when your name is on the account you’re a co-owner of it, owning it equally. But there are also many ways to do the wording on joint accounts so, depending on the wording, you may need more documentation such as a death certificate to empty and close the account. It’s better to discuss this with the bank now.
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Reply to Daughterof1930

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