David1961
Thinks s/he gets paid by the post
- Joined
- Jul 26, 2007
- Messages
- 1,085
I have a question. With my mother aging, my sister and I are thinking about putting one of our names as joint owner on some of her investment accounts (dividing it up evenly). With the thought that at her death, this joint property will go directly to the surviving owner. What are the differences between doing this and just listing one of us as beneficiary? The main one I can think of is a joint owner can sell the investment during mom's lifetime if needed for her expenses. With a beneficiary, you cannot do this. Mom has all the legal documents (will, POAs and medical directive). My understanding is that for joint property, it goes directly to the surviving owner without going through probate. I have heard that it is not a good idea to put a child on an account as a parent. Does anyone know why? Obviously, our next step is to talk with an attorney, but I want to learn a little more before we do that. Any comments or suggestions would be appreciated. Thanks.