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I had to go to my bank today to cash a check and was told I qualify for free award points, that I never use, but signed up anyway because it seems I can get a free gas card somehow. Anyway...


I was talking to the person who does the financial consulting and was told that you can choose a person who will be able to take over your bank accounts as soon as you die. I forget what she called it. But, by doing this, the accounts won't go into probate so there won't be a waiting period. All the person needs is your death certificate and a tax paper that says you don't have any owed taxes. The person will be able to take over the accounts without the taxes or probate. The person has NO access to your accounts while you are alive and they don't even have to know they are named if you don't want them to and you can change it at any time. All you need is their social security number, address, and phone number so they can be notified.


I have a will that says that my son gets everything but he will have to pay taxes and the bank accounts will go into probate until everything is verified. That happened when my cousin died and her husband had to wait for a year and a half before the bank accounts were released. They had everything in his AND her name instead of his OR her name. Plus he had to hire an attorney. She also said you can do the same thing with your house.


So, this week I'm going to name my son as the one who can take over all of my bank accounts at my death even though he is in the will. I thought the will was all I needed but with this, things will be so much easier for him especially in a difficult (I assume) time.


I'll post what it's called when I talk to her again. :sEm_blush:

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It's called "Payable On Death" and I couldn't remember that!? :rolleyes:


I got it set up today. I don't have that much but any little bit I can do now to ease confusion later on will probably be appreciated. It will also help keep the government from trying to claim it.


Ya know, it's not that much but I don't want my loved ones having to jump through hoops to get my assets that I leave them or have to hire an attorney.


She also said they have tax free programs there to help ease inheritance taxes. I'm going to have a sit down with one of their free financial planners this winter. I'll report back if I learn anything useful.




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  • 1 month later...

That's what my MIL did with her checking account. That way we could get access to her account easily to pay for her final expenses after she died.



We did same thing BUT because of wording when she passed we did NOT have access for almost 6 months and had to pay everything out of our account plus lots of hoops to jump through!! Something about it saying "her AND you" or "Her OR you" can't remember which. Bank was real jerk about it even though they knew we had been paying her bills out of her account for years. Check it out carefully and make sure the right word is in there.

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MIL put DH and I as co-owners of her accounts. The statements come in with all of our names on the address. Her Lawyer instructed her to do it that way to prevent any trouble after the death of any of us.

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