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Checking Account Question
Posted on 1/12/23 at 12:06 pm
Posted on 1/12/23 at 12:06 pm
Aging uncle has added me to his checking account, as his wife is deceased and they have no children. Not only can I sign, but my name appears on the checks themselves.. This allows me to sign checks for sitters, etc. as he ages and can't manage for himself. It's no fortune, just enough to get him taken care of. When he dies, are the leftover funds mine to spend, or are there legal processes I must follow?
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Posted on 1/12/23 at 12:09 pm to robchand58
To answer your question, it seems like there would definitely have to be some legal process for you to get the funds after he's gone.
Posted on 1/12/23 at 12:10 pm to robchand58
They would be yours since you are listed as a co-owner on the account.
Posted on 1/12/23 at 12:10 pm to robchand58
quote:Hopefully there is a will naming an executor. If it is you, then you'll have the roadmap as to where to send the money.
. It's no fortune, just enough to get him taken care of. When he dies, are the leftover funds mine to spend, or are there legal processes I must follow?
Posted on 1/12/23 at 12:10 pm to robchand58
They usually are yours but it is implied that you use those to take care of expenses that occur at death for them. Like credit cards, electric bills, etc.
Otherwise the money is not able to be gotten to until the will is settled.
Usually the will states this and what to do upon death.
I suspect the rest is split equitably to the decedents listed on the will unless possibly left specific to you.
Otherwise the money is not able to be gotten to until the will is settled.
Usually the will states this and what to do upon death.
I suspect the rest is split equitably to the decedents listed on the will unless possibly left specific to you.
Posted on 1/12/23 at 12:11 pm to robchand58
So today we’re not googling how to dispose of 115lb women but searching how to get rid of frail old men?
Posted on 1/12/23 at 12:12 pm to CocomoLSU
quote:
it seems like there would definitely have to be some legal process for you to get the funds after he's gone.
I think this depends on the State they are residing. My folks just put me and my sister on the deed, bank accounts etc as this would leave their estate out of the probate court which is known to drain all the funds.
Posted on 1/12/23 at 12:12 pm to robchand58
Legally when one person on the account passes away that account gets locked up until the estate goes through probate. You need to be executor of that estate in order to access any money after he passes
Posted on 1/12/23 at 12:13 pm to robchand58
You could write a check to yourself before any legal process is necessary 
Posted on 1/12/23 at 12:14 pm to Dawgirl
quote:
I think this depends on the State they are residing. My folks just put me and my sister on the deed, bank accounts etc as this would leave their estate out of the probate court which is known to drain all the funds.
Maybe so. But wouldn't there be a difference since you and your sister are next of kin beneficiaries/heirs (or whatever) for your parents? He may not be for an uncle.
Posted on 1/12/23 at 12:15 pm to robchand58
When he passes you’ll have to provide the bank with the paperwork so the estate can be handled and that account closed.
Posted on 1/12/23 at 12:17 pm to Broke
quote:
Legally when one person on the account passes away that account gets locked up until the estate goes through probate. You need to be executor of that estate in order to access any money after he passes
That didn’t happen at all when my dad died. He always had a joint Chase account with my mom and I recently added to the account prior to his death.
We immediately notified Chase of his death cause his did all his banking, credit cards, etc with them. They never even mentioned locking his account and we never had issues accessing the account after his death
This post was edited on 1/12/23 at 12:18 pm
Posted on 1/12/23 at 12:17 pm to robchand58
What I would do is close the account now and put it all in your account. You still pay all the bills, etc. but then don't have to worry about it after he passes.
When my mom was on hospice they wouldn't let me access her account or get on it since she couldn't physically be there to do paperwork. So she just had me take out the max amount daily until there was around $10 left. I just paid for all her stuff from my personal account then.
When my mom was on hospice they wouldn't let me access her account or get on it since she couldn't physically be there to do paperwork. So she just had me take out the max amount daily until there was around $10 left. I just paid for all her stuff from my personal account then.
Posted on 1/12/23 at 12:18 pm to robchand58
My mom put me on her account before she passed a little while ago. I haven’t talked to a lawyer yet, but from what I can tell the probate court can’t touch this because of me being on there. Creditors can go after her estate which is basically anything solely in her name.
I’m using the account to square up final utility bills and whatnot. Credit cards can pound sand since everything was in her name and my dad is still around so their house should be safe. I should probably talk to a lawyer
I’m using the account to square up final utility bills and whatnot. Credit cards can pound sand since everything was in her name and my dad is still around so their house should be safe. I should probably talk to a lawyer
Posted on 1/12/23 at 12:19 pm to robchand58
As for as the bank is concerned it's your money as well. Legally it's not unless he left all the money to you in his will.
This post was edited on 1/12/23 at 12:21 pm
Posted on 1/12/23 at 12:19 pm to CocomoLSU
Just to put a bow on this. His intent is for funds to be used for his care and comfort. Then for the expenses surrounding his burial, then for any taxes that occur. That's where they are going. I am the executor of his estate. My question went to anything remaining. I doubt there will be much - if any.
Posted on 1/12/23 at 1:34 pm to lsunurse
quote:
That didn’t happen at all when my dad died. He always had a joint Chase account with my mom and I recently added to the account prior to his death.
We immediately notified Chase of his death cause his did all his banking, credit cards, etc with them. They never even mentioned locking his account and we never had issues accessing the account after his death
Louisiana law is different from every other state also. We still follow Napoleonic law
Posted on 1/13/23 at 9:46 am to Broke
From the OP: I am the executor of his estate, and have Power of Attorney over him. We are here in LA. The advice I am hearing is to empty his accounts into a new account called "The Estate of _____" and handle his affairs from there. Anybody heard of this? Sounds reasonable to me. It's sounding like I'll need to pay for an hour with an attorney.
Posted on 1/13/23 at 10:20 am to Dawgirl
quote:
My folks just put me and my sister on the deed
I've read that this is a bad idea because you lose stepped up basis at death and home is subject to bankruptcy, creditors, divorce settlement, legal judgement etc for all owners. Did you get different advice from a professional and if so, what are the advantages versus an estate plan and will to avoid probate? Any implications for Medicare/Medicaid eligibility?
This post was edited on 1/13/23 at 12:01 pm
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