Changing Title Of Established Account

blazer9 | Aug 23, 2022 | 228 posts since 2019

Has or Can somebody be allowed to change

title of a Joint account,

to title of Joint With Right Of Survivor-ship?

reason : failing health of one

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Answers

Ally6770 | Aug 24, 2022 | 4,294 posts since 2010

If failing health means death or if it means entrance to a nursing home there are different rules. There is a 5 year look back for help with nursing home payments and you will want to find out what the available spend down rules are for your state and what is allowed. Do not get into something you can't get out of easily. If that is the case go to medicaidplanningassistance.org and then put in your state.

Choice | Aug 23, 2022 | 937 posts since 2020

The law of a particular state may provide a joint tenant is or is not with right of survivorship. The main issue will be if the FI will honor your request for funds after death. I’ve seen joint tenants add a third joint tenant…all had to appear together at the FI. Go ask another branch “how to do it,” rather than “how not to do it.” Just some thoughts…finally move the funds to another FI with the desired account set up initially.

Ally6770 | Aug 24, 2022 | 4,294 posts since 2010

5 days before my husband took a turn for the worse and passed I went to the bank and took my name off a joint account so that the children would inherit it if he passed before I did. I had the put the new house in my name so the children would inherit if I passed first and there would be plenty of cash for my husband to be cared for. I was his POA and they did try to talk me out of it but this was the last thing I had to do for the plan I had. The next morning he had a turn for the worse and he passed 5 days later. Best idea I had that day and am not sorry I did it. After he passed they let me put deposits in that account even all of the proceeds from the house we had moved from when it sold later in the year a few months after he passed.

blazer9 | Aug 24, 2022 | 228 posts since 2019

Thank you for advice.
Particularly the POA is a main concern.
Thank`s Ally I've noticed prior comments on your situations.
I don't really know how much authority it provides to setup movement
of funds and document of a Lady Bird Deed aka Enhanced Life Estate,
If drawn and recorded by person with POA.
Are there a particular type of attorney for establishing FL Will and account validation purposes?

Ally6770 | Aug 24, 2022 | 4,294 posts since 2010

Each bank or credit union may have different rules. Your FI many not abide by this. I live in Michigan and the bank was Flagstar bank. My husband passed in 2012 and rules and or regulations may have changed. POA is very important. We did this in 1995. Both have to agree to this and sign. They have to have sound mind. Also with an enhanced life estate check in your state but in some states your beneficiaries have to sign off before you sell the house. With a Lady Bird they do not. A Lady Bird is like beneficiaries on you financial accounts. The Enhanced Life Estate can have special rules though in our state. I went to our regular attorney but check with your city, county or senior center that deals with senior issues and they can give you names of lawyers when you tell them what you want. Some lawyers just are interested in selling financial accounts and taking over everything. All states to do not have Lady Bird Deeds. I do not think you can take someone else off a joint account but you can take funds out of that account and open a new account with just your name.

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