Joint Bank Account To Avoid Probate

An accepted banking industry strategy is for elders to create bank accounts with a child.  This is to maintain access to needed funds and avoid the probate process.  The expectation is the elder will die first giving the child instant access to the money in the account to pay bills.

Why do family's want to avoid the probate process?  Several reasons:

1. A death has just occurred and family can expect to be off balance with the greif process.  Probate involves intrusion by court, lawyers, and the public.

2. All of the will and supporting documentation becomes public knowledge.

3. The added expense of legal representation.

4. Longer time before the actual distribution of assets.

5. The process may involve reliving some emotional experiences which can disrupt the greiving process and stall closure for the family.

Typically the account will belong to the elder who deposits the funds.  Ownership of the account is not transferred to the surviving child until the death of the of the (depositor) elder.

Home Care Path encourages family's to meet with an independent estate planner before making any changes to a seniors banking practices.

Home Care Path www.homecarepath.com is a leading senior care provider serving south central Wisconsin.  Services include:
-in home staffing with help for ADL's and IADL's
-inpatient advocacy for safe successful hospital stays
-crisis intervention and transitional counseling
-temporary help with a scheduled day surgery
-downsizing home contents when stuff matters
-communicating face to face on the computer across long distances
Simply call 608-432-4286 to schedule and in home interview.  2012 rates are 20.00 per hour. Email lkutzke@homecarepath.onmicrosoft.com  We can be there when you are working.  We accept long term care insurance.  Valuing home and human life.  Services are tax deductible.