I am co-Executor of my mother's estate, the other co-executor being the VP and trust officer at the bank in her home town.
Prior to setting up the estate, the attorney for the estate had a discussion with me about "judgement-proofing" (his phrase) the assets. In that he meant setting aside the funds held in joints accounts, accounts held in both mine and my mother's name.
Now the other co-executor is asking whether these are really jointly owned funds or if the accounts were joint just for convenience, for me to assist her with her finances. That, in fact, IS the case, as I had POA to assist her the last 3 months of her life.
I'm not greedy, I just find it foolish giving away money that doesn't have to be given away. After my Mom's 84 years, there's not much to be given away!
In a specific example, my mother had been a victim of check fraud. The bank set up a new account (joint) and closed the old one. But when the Fraud department got done, they would not put the money being returned into the new account (because of the different ownership), so it now sits in the closed account in just my Mother's name.
So, is it now proper to ask if joint accounts were really joint accounts? It makes a big difference in what's available to pay debts and so forth.
Prior to setting up the estate, the attorney for the estate had a discussion with me about "judgement-proofing" (his phrase) the assets. In that he meant setting aside the funds held in joints accounts, accounts held in both mine and my mother's name.
Now the other co-executor is asking whether these are really jointly owned funds or if the accounts were joint just for convenience, for me to assist her with her finances. That, in fact, IS the case, as I had POA to assist her the last 3 months of her life.
I'm not greedy, I just find it foolish giving away money that doesn't have to be given away. After my Mom's 84 years, there's not much to be given away!
In a specific example, my mother had been a victim of check fraud. The bank set up a new account (joint) and closed the old one. But when the Fraud department got done, they would not put the money being returned into the new account (because of the different ownership), so it now sits in the closed account in just my Mother's name.
So, is it now proper to ask if joint accounts were really joint accounts? It makes a big difference in what's available to pay debts and so forth.
