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Star 101.5 Legal Minute – October 2018

Barbara from Bella Vista asks: How do I make sure my bank accounts go to my loved ones when I pass away?

I get asked this question all the time.

You have at least two ways to do this, but these are my favorites.

First, you can add a payable on death to your account.  This is very similar to a beneficiary on life insurance or retirement accounts.  When you pass away, the money will immediately be available to your children or spouse.

Second, you can create a revocable living trust and retitle your bank account into the trust.  The trust is much more flexible than just adding the payable on death.  With a trust, you get to decide when they get the money, how they can have it, and if they are receiving government benefits, those benefits can be protected.  You can also protect children with addictions by using a trust.

Probably the most common way people try to get this done is by adding people to the account as co-owners.  I never recommend adding your children to the account as co-owners.  If they get into credit problems or divorce, the other party may be able to reach part or all the money in the account.  Co-ownership can also cause Medicaid issues.

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