Cindy Hamilton wrote:
> On Jun 24, 4:22 pm, brooklyn1 > wrote:
>> On Thu, 24 Jun 2010 13:41:09 -0500, Janet Wilder
>>
>> > wrote:
>>> Krypsis wrote:
>>>> I'm going to die intestate and let the buggers fight over my leavings!
>>> The best thing to do is to put all of your bank and investment accounts
>>> (and real estate if you have any) in joint names with the people you
>>> want to get it when you die.
>> That's ridiculous. Every bank/investment account I've ever opened
>> *required* me to name a beneficiary... but to haphazardly make ones
>> accounts joint doesn't get more stupid... that means it's one of two
>> ways; "and"/"either or"... "and" you're held hostage/"either or" one
>> day you will wake up broke, gar-run-teed. With real estate one can
>> place another name on the deed with ROS but it's much better to list
>> real estate in ones will just in case one changes their mind... once a
>> deed contains more than one name it cannot be changed except by
>> agreement... a will can always be amended but just try getting someone
>> to agree to remove their name from a deed. Ahahahahahahahahaha. . . .
>
> You know, my in-laws were married for more than 50 years. They had
> joint everything, and never ended up broke.
>
> Toward the end of her life, my grandmother title all of her assets
> jointly
> with her two children. My uncle lived with her, tended to her, and is
> now living in the house and eking out his meager lifestyle (his idea
> of
> fun is going to the dollar store) on what remains of my grandfather's
> investments.
>
> Sheldon, your experience is so limited, I'm surprised you can presume
> to speak for anyone else or to guarantee anything.
>
> Cindy Hamilton

Sheldon had to have the last word. He *knows* everything. He is *the*
expert on everything. I don't pay any attention to his pronouncements. I
haven't filtered him because his idiotic responses often have
entertainment value.

I spent 15 years in the field of estates and trusts and was a member of
4 estate planning councils as well as having lectured at the same estate
planning councils on charitable trusts. I think I might know just a
little more about the subject than Sheldon does (or thinks he does)

I've opened plenty of bank accounts for myself, my grandchildren, and
professionally for estates, trusts and beneficiaries of such, that did
not require a named beneficiary. A 401k, a pension, an insurance policy
(of course) require beneficiaries, a savings or checking account or
even an investment account, do not.

In many states a married couple have a deed reflecting "tenancy by the
entirety" which means that both parties own the entire real estate. A
JTWROS operates the same way. It is not a half-half situation. That is
called "tenants in common." While it is difficult, but not impossible,
to change a deed, one would think that serious thought would go into the
person one would put on their deed as a joint tenant.

In some situations, changing a deed to add a joint tenant would save a
lot of probate costs.
--
Janet Wilder
Way-the-heck-south Texas
Spelling doesn't count. Cooking does.