Colliton

FROMPAGE1 accustomed to titling assets jointly.

When one of them dies, the survivor considers adding children to the account so that a trusted family member will also be able to pay bills and make deposits.

While a power of attorney will accomplish the same objective of allowing the child to pay the bills without changing the title, the senior might think that she could avoid this step by establishing a joint account.

As to whether this is a good strategy, it depends. If the account is what I refer to as an “in and out” account, that is one where monthly checks are deposited and checks are written to cover them and a small balance remains each month, there is no great financial concern. This is a matter of convenience. But if the account or accounts are substantial, the result can be that the child who is named joint on the assets inherits all.

The joint titling question becomes more emotional when seniors title their assets jointly with their adult children or grandchildren and view this as one way of transferring owner- ship to the next generation. Whether this type of informal “estate plan” makes sense depends on the circumstances.

The property owner should know — “why am I doing this?” and “what are the results both during my lifetime and when I die?”

When considering your estate plan it is best to play out all the possibilities with all the assets including those that do not pass by the Will and get help if the questions cannot be easily answered. Tune in on Wednesdays at 4 p.m. to radio WCHE 1520, “50+ Planning Ahead,” with Janet Colliton, Esq., and Phil McFadden, Home Instead Senior Care. Janet Colliton, Esq., is a Certified Elder Law Attorney and limits her practice, Colliton Elder Law Assocs, PC, to elder law, life care, special needs, and estate planning and estate administration with offices at 790 E. Market St., Suite 250, West Chester, Pa. 19382, 610436-6674, colliton@ collitonlaw.com. She is a member of the National Academy of Elder Law Attorneys and, with Jeffrey Jones, CSA, cofounder of Life Transition Services LLC, a service for families with long-term care needs.