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Houston Estate Planning and Probate Blog

Sunday, March 8, 2015

Problems with Joint Accounts for Inheritance

When deciding who will inherit your joint financial accounts after you die, it is important to consider that you might outlive the beneficiary you choose.  If you have added someone to your financial accounts to ensure that he or she receives this asset after you die, (like a pay on death designation or a joint account with rights of survivorship), you might be concerned about what will happen should you outlive this person.

What happens to a joint bank account in this situation depends upon the specific circumstances. For example, if a co-owner that was meant to inherit dies first, the account will automatically become the property of the surviving co-owner and will not be included in the decedent’s estate.  Upon the death of the surviving co-owner, the account will be included in their estate to be distributed pursuant to their estate plan.

It is important to make sure you coordinate your estate plan Will provisions with your joint account designations and your beneficiary designations to ensure your overall estate plan benefits the people you intend to benefit.

If you are considering adding someone to your financial accounts so that they inherit it when you die, you should contact an experienced estate planning attorney to discuss your options. 


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