Joint banks accounts and executors of the Will

What happens when one sibling is on the parent's checking account as a joint account holder and the other sibling is the executor of the Will?

Being an executor means you handle the estate after a person dies. One sibling can be the joint account holder during the parent's life, and another can be the executor. Usually, a joint account is set up to assist a child with managing their parent's finances, it is not always meant to be a gift to that child upon the death of the parent if there are more siblings.

You should be aware that if the Will states that all the property is to be evenly divided among all children and if only one of the children is on the joint account, that child will likely get all the remaining money in the account even if that means the money and property is not evenly divided among the heirs. It is advisable to consult with a lawyer for more information about joint accounts and estates, particularly because each state's laws are different.

Bradford Miller Law, P.C. can help you prepare all the legal estate planning documents that you will need. We also offer advice, and keep your estate plan current with the laws governing estate planning. Knowing that you and your loved one's affairs are in order can be satisfying and bring you peace of mind.

To get started or discuss whether our services are right for you, give us a call at 312-238-9298 for a FREE 15-minute consultation or contact us online today.  At www.bradfordmillerlaw.com you can find helpful information regarding Estate Planning and information about our firm.

Posted by Bradford Miller Law, P.C.

Practicing in Real Estate Law, Landlord Tenant Law and Estate Planning

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