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Answer:

I’m glad to hear that your mother is taking steps to get things in order to avoid probate court, but she should think again about adding you to her bank accounts. Since she’s gone to the trouble of setting up a trust, it makes more sense to list the trust as the POD beneficiary of those accounts. Adding a name to bank accounts can inadvertently mess up a person’s estate plan. In many instances, people will use their trust to divide their estate among all their children. But when you “add a name” to an account, that account goes directly to that person and isn’t necessarily divided as intended. This type of thing often causes disagreements after a parent dies. This plan can cause trouble while the parent is living, too. Usually, the point of an estate plan is to pass on assets after death, but adding a name to an account actually changes the ownership immediately. That means if the child added to the account goes through any financial or legal troubles, the parent’s funds are at risk. To make sure you can manage your mother’s accounts while she’s living, you should be named her power of attorney. To make sure the accounts go where they’re supposed to after she has died without the necessity of probate court, directing those accounts to the trust is the way to go. To visit one on one with an attorney on this and other estate planning issues, call today to set up a no-charge strategy session to find out how we can help with issue like this. To learn more, check out our website,

ElrodFirm.com. We’d love to help you out.

“My mother set up a trust, and asked me to look over everything.

It looked right to me— she retitled her home and brokerage account too. She left her checking and savings accounts, but she said she planned to add me to those. Do you have any other suggestions?”