SISTER OF THREE WANTS TO KEEP ALL MONEY FROM DECEASED FATHER'S SAVINGS ACCOUNT THAT WAS TO BE DIVIDED BETWEEN 3 CHILDREN. SHE WAS ON JOINT ACCOUNT WITH DAD.

Please sign in to answer this question.
Answer
About
I practice Estate Planning and Elder Law and am a Veterans Administration Accredited Attorney. I have an MBA as well as experience as a Registered Securities Broker.

If the account was jointly owned by your father and your sister she will be able to keep all of the money in the account after his death.  This is one of the reasons that in my practice, i try to discourage people from adding others to their accounts.  Usually it is done as a convenience, so that the original owner has someone who can manage the accdount and finances if they become disabled.  The same result could have been achieved by just giving your sister the power of attorney on the account.  Other problems can arise if the other person has creditors because they can seize the assets in the account.

08/03/2010