Whenever you start making plans for your estate, be sure to coordinate your Will with your various bank accounts that have named beneficiaries on them. Many times parents place children on their bank account, but it is only so the children can pay bills for their parents. Unfortunately, too many times this results in the child owning the account at their parents’ death. This often is contrary to the parents’ wishes, and creates resentment among the other children, even when the child who finds himself the owner of the account wants to put the money back into the estate. There can be gift tax consequences for that transfer. Be sure to see one of our lawyers for advice on how to properly title bank accounts if you want them to pass through your estate to your children in accordance with your Will.
