Medlin & Medlin, PA
Attorney at Law
(704) 786-8173
Concord, NC 

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ESTATE PLANNING:  ADDING SOMEONE’S NAME TO A BANK ACCOUNT

This video is about estate planning and adding someone’s name to a bank account.

Let me caution you concerning that estate planning trap that catches far too many people.

You have a bank account or a brokerage account that you want to leave in your will to children or grandchildren.

However, at the urging of your banker, you had your nearby relative added to that account just for the purpose of handling it for you to help you out. 

The bank can place your relative on the account with power to handle the money BUT not be an owner.

Your relative was not supposed to have any ownership or survivorship ability with that account. 

Unfortunately, he may have been added to that account as an owner with right of survivorship or as a beneficiary if you die.

 If so, he will receive that entire account outside of the will administrative process. 

You will have accidently defeated your own purpose of having your last will and testament.

A mistake like that can cause a HUGE family fight and cost your loved ones money you wanted them to have.

When I talk with anyone about a last will and testament, I always ask many questions about how brokerage or bank accounts are owned and who are the beneficiaries.

I uncover these dangers and traps.

I help you eliminate them.

My job is to protect my clients.

Call me.