John M. Macaulay Professional Corporation
SELF ASSESSMENT – ESTATE PLANNING QUESTIONNAIRE 1. Have you prepared and signed a will? 2. Have you prepared and signed a power of attorney or mandate for your financial affairs? 3. Are your will and power of attorney for financial matters up to date? 4. If you are married or cohabitating, have you taken steps.
Joint bank accounts can provide that the survivor of the joint owners is entitled to the balance in the account on the death of the other joint owner. But will this occur? Where a parent names an adult child as the joint owner of a bank account, there are usually two reasons for doing so..
After 47 years as a lawyer, it still amazes me how often I’ve been asked whether or not it’s wise to share homeownership or ownership of other assets with other people. My answer is always that it depends, but that generally, it’s not advisable. When I’ve been asked this question, I’ve asked one back. Why.
So you want to make your bank account joint with another person. Maybe your banker or a well-meaning friend has told you this is a good idea. Maybe they’re right, but maybe they’re wrong. Let’s discuss. Why would you consider adding someone to your bank account? Some of the reasons may be convenience, estate planning,.
PROPER EXECUTION OF WILLS I recommend that you immediately review your existing will for a number of reasons. It is not uncommon for circumstances to change in one’s life and sometimes these changes negatively affect what has been incorporated into a will. Birth, death, marriage, divorce, and other issues all might, although not necessarily, change.