• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

The Alpern Law Firm

Attorneys & Counselors At Law

CALL US TODAY
(800) 307-5544
(330) 394-1501

Seminars/Webinars
  • Home
  • Our Firm
    • About Our Firm
    • About The American Academy
    • Advantages of Working With Our Firm
    • Attorney and Staff Profiles
    • Multimedia
    • News & Events
  • Estate Planning
    • Asset Protection & Business Planning
    • Estate and Gift Tax Calculations
    • Estate Planning Services
    • Elder Law & Medicaid Services
    • Family-Owned Businesses & Farms
    • Legacy Planning
    • LGBTQ Estate Planning
    • Powers of Attorney
    • SECURE Act
    • Special Needs Planning
    • Trust Administration & Probate
  • Elder Law
    • Are You A Caregiver?
    • Coping With Alzheimer’s
    • Emergency Medicaid & Nursing Home Planning
    • Guardianship & Conservatorship
    • Hospice Care
    • Medicaid Planning
    • Veteran’s Benefits
  • Seminars/Webinars
  • Resources
    • Elder Law Resources
      • Elder Law & Medicaid Definitions
      • Elder Law Reports
    • Estate Planning Resources
      • Estate Planning Articles
      • Estate Planning Definitions
      • Estate Planning Reports
      • Estate Planning Checkup
      • Is Your Estate Plan Outdated?
      • Incapacity Planning Definitions
      • Top 10 Estate and Legacy Planning Techniques
    • Educational Alerts
    • Frequently Asked Questions
      • Estate Planning FAQ’s
      • Incapacity Planning FAQs
      • LGBTQ Estate Planning FAQs
      • Trust Administration & Probate FAQs
    • LGBTQ Resources
    • Published Books
    • Special Needs Resources
    • Trust Administration & Probate
      • Bereavement Resources
      • How to Know if You Need Extra Help With Your Grieving
      • Loss of a Loved One
      • Things You Need To Do When a Loved One Passes Away With a Trust
      • Things You Need To Do When a Loved One Passes Away With a Will
      • Trust Administration & Probate Definitions
  • Reviews
    • Our Reviews
    • Review Us
  • Blog
  • Contact Us
Home / Joint Accounts and Estate Planning

Joint Accounts and Estate Planning

March 25, 2011 by Jack N. Alpern, Estate Planning Attorney

It seems to be practical – opening a bank account as “joint tenants with rights of survivorship” with a spouse – but did you know that holding a joint account impacts your family when you pass away?  The ‘ownership’ of the account determines what happens to the account upon the death of one owner.

For example:  If a husband has a credit card solely in his name and passes away, the account is settled during probate, which is the legal process that administers an estate.  The debt is either paid off, or in the case where an estate does not have enough money to pay all of the bills, is not paid in full, but normally the credit card company could not then go after family members for the debt.

On the other hand, if that credit card account was a joint account with both the husband and wife listed, the bills could then become the responsibility of the wife should the husband pass away.  This is not only the case for the ‘debt’ accounts, such as credit cards and loans, but the ‘asset’ accounts, such as stocks, savings accounts and more.  In that case, joint ownership can be a helpful estate planning tool to allow these accounts to avoid probate.

It’s important to realize that how your accounts are set up, even how your home is owned, impacts your future and your family’s future when you pass away.  Working with an estate attorney will give you and your family an overview of how well you’re prepared for the host of issues you will face if one of you dies suddenly. Debt is only one piece of that puzzle.

  • Author
  • Recent Posts
Jack N. Alpern, Estate Planning Attorney
Latest posts by Jack N. Alpern, Estate Planning Attorney (see all)
  • The Inflation Reduction Act - September 13, 2022
  • How Do I Trust Thee…Part II - July 1, 2022
  • How Do I Trust Thee…Part I - July 1, 2022

Filed Under: Uncategorized Tagged With: Estate Planning, Financial Planning, probate

Primary Sidebar

Address

HOWLAND
8600 East Market Street Suite 1
Howland (Warren), Ohio 44484
United States (US)
Phone: (330) 394-1501
Secondary phone: (800) 307-5544

Office Hours

Monday8:30 AM - 5:00 PM
Tuesday8:30 AM - 5:00 PM
Wednesday8:30 AM - 5:00 PM
Thursday8:30 AM - 5:00 PM
Friday8:30 AM - 5:00 PM

Closed for lunch from 12:00 pm-1:00 pm

Map

map for The Alpern Law Firm office

Footer

  • Facebook
  • Instagram
  • LinkedIn
  • Twitter
  • YouTube
The Alpern Law Firm logo

© 2023 American Academy of Estate Planning Attorneys, Inc.| Disclaimer | Privacy Policy | Sitemap