By clicking
Talk to a Specialist, you agree to our
Privacy Policy. You also consent to receive calls and texts, which may be autodialed, from us and our customer communities. Your consent is not a condition to using our service. Please visit our
Terms of Use. for information about our privacy practices.
(DPOA, MPOA, will, codicil,etc) & keep all paperwork on assets & debt somewhat current.
Now for bank accounts, they can do all their accounts to be POD - pay on death. Those are outside of probate. The parent will need to be obviously competent to do this at the bank. They will need to go to the bank to do the paperwork, present their ID, etc. If they are doing several accounts, you should fully expect a bank officer to meet with them solo in their office - to make sure that they know what their doing means. If they can't do this because they have dementia, then it's too late to do this approach.
Crowe - I'm not sure if POD are a totally different creature than right of survivorship?
Now keep in mind that IF they are on Medicaid and they have a home, Medicaid will have to file an intent to do an estate recovery on all assets.