Mom's Will/putting money into acct for 3 kids as benficiary

[mustang54]

Since my mother sold her house, and in assisted living, her will is not clear on what happens if she sold her house. She was obviously planning on living in her home until her death and will state that. Now the scenario has changed.

Can my mother deposit the proceeds into an account " payable upon death" for her 3 children?

What is the best way to do this, in order for all 3 children get equal shares?

Is it possible to name my mother as the owner of a bank account, or CD, and then name 3 beneficiaries, OR can you have a joint account with 4 people, mom and her 3 children?

Please advise. Mom says she will do whatever it takes to make it equal. She has made it clear to me that she does not want only one child to get everything, but realizes her will now does not state that. Since she has only her house money, she doesn't know what to do. Probably just opening the right type of account makes sense. Your advice is appreciated.

 

[unclemoon]

What you loosely described is a Totten Trust. See this link, item #14 for some basic information. Have your mother ask her attorney for advise on the best way to plan her estate.

http://law.freeadvice.com/estate_planning/trusts/forms_of_trust.htm

 

[dee_dub]

If I remember the other thread correctly, your mom already has a will stating that her estate is to be divided equally between the three of you. She could just put the funds into an account in her name only. When she dies, it will become a part of her estate.

She could also put the money into an account in her name only and set you three up as payable-on-death beneficiaries. This would mean the account doesn`t form part of her estate, but goes directly to the named beneficiaries on death. It would save you probate fees, but you should probably consult with an estate planning lawyer to be sure.