Retitling A Joint Account After Death Of A Spouse

Over6T | Nov 1, 2022 | 31 posts since 2012

What experience do you have with changing a Bank or Credit Union joint account title after the death of a spouse? I assume it is necessary, if for no other reason than tax reporting and insurance coverage. Is it an easy process, or are there issues that arise?

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Answers

CuriousDave | Nov 1, 2022 | 233 posts since 2018

Before doing anything, and depending on your net worth (including whatever property you previously have owned jointly), first consider consulting an estate specialist to review your overall position. If you do not already have a trust, now may be the time to create one, and maybe to retitle your formerly joint account (and possibly other assets such as your home) into the name of the trust, to avoid probate, if you do not already have a plan in place.

Choice | Nov 1, 2022 | 937 posts since 2020

Joint account? Take the Death Cert in...title change is effective upon the death...have the name changed on account to reflect.... And don't forget to add another...bennie.

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