We are available to meet with clients in Shelbyville & Urbana-Champaign, IL by appointment.

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Elder Law Minute: The Ambiguity of Joint Tenancy

Many older Americans like to name their adult child as a joint tenant on their bank accounts. However, having a child as a joint tenant can pose a problem when doing planning. The law says that if you have your child as joint tenant, they will inherit all the money in that account, no matter what your will says. A property power of attorney is a much better option that still allows children to help with finances.

Hi, I’m Wes Coulson and this is your Elder Law Minute. You know, a lot of older people like to name an adult child as a joint tenant on their bank accounts. Let me tell you that as an elder law and estate attorney, I have a problem with that. Want to know why? I’m in a position, a lot of times, of trying to figure out what you intended. Let me tell you what the law says that you intended. It says that regardless of what you’ve said in your will, you intended that that child was going to inherit all the money in that account. That’s what joint tenancy does when you die. Much better solution? Name somebody as power of attorney for property and put them on the accounts in that capacity. You won’t have something that trips over your will. Thanks!

Veterans Benefits O'Fallon ILFor Immediate Help

If you or a loved one needs immediate help with a planning matter or legal issue, please contact us, and we will get back to you promptly.

774 Sunset Blvd Suite 200
O'Fallon, IL 62269
IL: (618) 632-7000
MO: (314) 567-9292

1901 South Fourth Street,
Suite 211, Effingham, IL 62401
(217) 330-5500

Fax: (618) 632-7333

Office Hours
Monday - Thursday
8:30 am - 12:00 pm
1:00 pm - 4:00 pm
Friday
8:30 am - 12:00 pm

We are available to meet with clients in Shelbyville & Urbana-Champaign, IL by appointment.

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Book A Speaker

 

Free WorkshopsIf you have reached age 65, there's about a 45% chance that you will eventually need long-term care.

Our attorneys are available to speak to professional and social groups on a variety of elder law and estate planning topics without charge.

To book a speaker, please call our offices and ask for Karie Wines.

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