When my dad passed away in 1998, my mom had my name put on her bank accounts in place of my dad. She is now on hospice in memory care. I have POA. I had to sell her house to help pay for her memory care facility and the money went into her account (that also has my name on it). When she passes, will the bank accounts have to go through probate, or will I just distribute the money left as instructed in her will. The bank accounts (checking and money market) are all she has left other than a few personal items.

This question has been closed for answers. Ask a New Question.
Find Care & Housing
Rainmom, thanks so much for your response. That is exactly what I was needing to know. Much appreciated!
Helpful Answer (0)

If it is a joint account that has "survivorship rights" or is "POD - Payable on Death", the money is legally yours and does not have to go through probate.

I was my mothers DPOA and was joint account holder on both a checking and a savings account for ease of paying bills and transferring money.

My mothers will stated an even three-way split between my brothers and me. Once I had a death certificate I transferred the accounts to my name. Then - during the same meeting with the bank guy - I had all the money in the savings taken out in the form of three equal cashiers checks and closed the account. I then made copies of all three checks and the closing paperwork and gave a complete set of copies to each brother and kept one for myself. This proved the totals, the distribution and that none was left in the account.

As for the checking account - since it had a decent amount of money in it - I kept it open in my name and as the executor of the estate I used this money for all the fees, costs etc involved in lawyers, probate, my moms cremation and her memorial- even her final taxes. It just appeared from a legal standpoint that I was paying all these things myself. It made everything so much easier and simpler when it came down to what assets did have to be probated. There was no need for a complicated accounting and inventory. I did keep excellent records and receipts.

When everything was finished I took whatever was left in the checking account and wrote three final checks - to me and my brothers - to empty the account and close it. Again, giving my brothers a copy of the closing paperwork to show it was empty and I held nothing back.

I probably gave you more info than you were looking for. But this is all so fresh - just finished everything up last week.
Helpful Answer (1)

If you are listed as an owner on the account (which it appears you are) or if the account is POD (pay on death) to you, the account will not need to go to probate.

Helpful Answer (0)

This question has been closed for answers. Ask a New Question.
Ask a Question
Subscribe to
Our Newsletter