The A B Cs of Joint Bank Accounts

Joint Bank Accounts

One might think that the general topic of “bank account ownership” is easy to understand and that forms of bank account ownership are understood by the general public and by bankers. But mistakes are made all the time. To begin with, some accounts were set up by bankers and customers decades ago. The accounts were written out by hand. Some of them listed two names only, some of them listed two names as “Joint Tenants” and others listed two names as “Joint Tenants with right of survivorship.”

The above designations can cause problems when an owner dies or loses capacity.

It bears repeating that if you have a will, the will should address joint accounts. The usual clauses are a “true joint account clause” or an “account of convenience clause.” The former makes clear that your joint accounts were intended to go to the surviving joint tenant. The latter states that your joint accounts were intended as a convenience with the intention that the funds be added to your estate.

A person’s wishes can be thwarted during or after death. In a recent case the bank account was designated as “Joint”. The bank record did not say “with right of survivorship.” The daughter wanted to retain the funds. Her siblings challenged her. The Supreme Court agreed with her siblings. The decedent may have intended that her daughter receive the funds but she did not write “with right of survivorship.”

The moral of the story is: Check every account and be sure that your intention regarding ownership has been properly designated. This problem comes up regularly and it causes family feuds more often than you would think.

In a facetiously written 1998 Rhode Island case it was noted that there are two ways to start a civil action. To paraphrase: The first is to follow the statutory procedure for starting a case and the second was “by opening a joint bank account with right of survivorship. “


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The Law Offices of Jeremy W. Howe, LTD. are ElderLaw attorneys in Rhode Island who specialize in Wills and Trusts, Estate Planning, Guardianship, Probate, and Veterans Aid and Attendance Benefits.

They also are Newport Rhode Island Divorce Lawyers, Attorneys, Mediators, and Arbitrators providing services for Family Law issues such as Divorce, Child Custody and Visitation, Support, and Military Family Law. 

Call them today at 401-841-5700 or visit them on the web at http://www.CounselFirst.com.

KLR Article: Seven Reasons to Review Your Will

Our office received this article from the montly e-newsletter supplied by Kahl, Litwin Renza & Co, Ltd. (KLR). Their office can be reached at 888-KLR-8557 or their webiste at www.KahnLitwin.com. We thought our clients would be interested in this "short list" of reasons to review your will.

Seven Reasons to Update Your Will

Wills Must Keep Up With Life Changes

A will is an essential part of planning for the future. But don't think creating a will is a one-time proposition. Even if you have a valid document, it may need to be updated for a variety of reasons. For example:

1. Deaths - If individuals named (as heirs or executors) have died or they become incapacitated, a will should be changed.

2. Assets - Revisions may be needed if the value of assets has increased or decreased significantly, or they are no longer owned. For example, if you specifically leave your home to one of your children, and later sell it, you may want to change the distribution of your other assets.

3. Marriage - Wedding bells usually signal the need to review a will. Which assets should pass to your spouse? Are step-children involved? If this is not spelled out in a will, the state will decide. In a community property state, a spouse automatically inherits half of all community property. In most other states, a spouse may receive one/third to one/half of the estate, absent any other directions.

Also, keep in mind that an unmarried couple living together may want to leave assets to each other but in order to make an inheritance happen, it must generally be spelled out in a will.

4. Divorce - In many states, a divorce automatically revokes a will or those provisions concerning an ex-spouse. As a result, if you get divorced, it's best to have a new will drafted. For instance, you might have your former spouse removed as a primary beneficiary. In addition, you may want to change the beneficiary of your life insurance, pension or any existing IRAs. Consider the use of a trust if children from a previous marriage are involved.

You may also want to change your will if one of your children gets divorced.

5. Births - Once parents have children, their wills should be amended immediately to include the names of guardians to care for the children in the event the parents die prematurely. Also, parents or grandparents might wish to restructure their wills concerning distribution of assets after children are born. Again, the use of a trust may be recommended.

6. Retirement - This event may also trigger the need to make changes to an existing will. For example, many retirees sell their homes and move to other states. But state laws can vary widely. Furthermore, individuals may consider a power of attorney that enables someone else to act on their behalf in the event of certain illnesses.

7. Tax law revisions - The Internal Revenue Code is regularly changed. In fact, many aspects of estate tax planning are in flux right now. A will should be designed to take advantage of maximum tax benefits that exist today so it may have to be updated as tax laws change.

Where is It?

Before it's too late, people should let someone know where their original will is stored. If one can't be found after a person dies, a court may decide it was destroyed. Have your attorney and/or your accountant retain the original will. Ask them what will happen to the document if they die, move, or quit practicing.

Store the will at home. Of course, it could be lost, inadvertently destroyed or discovered by an interested party who could deliberately destroy, conceal, or alter it.

You don't have to tackle this problem on your own. If you need to update a will, rely on your estate planning advisers to guide you.

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The Law Offices of Jeremy W. Howe, LTD. are ElderLaw attorneys in Rhode Island who specialize in Wills and Trusts, Estate Planning, Guardianship, Probate, and Veterans Aid and Attendance Benefits.

They also are Newport Rhode Island Divorce Lawyers, Attorneys, Mediators, and Arbitrators providing services for Family Law issues such as Divorce, Child Custody and Visitation, Support, and Military Family Law. 

Call them today at 401-841-5700 or visit them on the web at http://www.CounselFirst.com.

Law Offices of Jeremy Howe, Ltd. Participating in Alzheimer's Awareness Events

Elder Law Specialist Jeremy Howe Lectures on Alzheimer's

May, 2011 - Newport, RI - Attorney Jeremy Howe lectured on May 11, 2011 at the Alzheimer's Awareness Events at Calvary United Methodist Church on the topics of Eldercare Legal Issues, Wills, Power of Attorney, Guardianship, Health Care Proxy, and other Elder and Probate Law related issues.

The events continued on Sunday May 15, 2011 with a Community Homecare Services Fair with agencies on hand to discuss their services for families caring for elderly or ill persons in their home.

Attorney Howe said, "Caring for an elderly parent or relative is often one of the most stressful events in a person's life. The expenses involved, coupled with time management and many other issues can create difficult obstacles to providing the best for loved ones. Having a plan in place can significantly help alleviate these stresses by providing a road map for care of aged relatives. I accept every opportunity to help educate families about their options with regard to caring for their elderly relatives."
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The Law Offices of Jeremy W. Howe, LTD. are ElderLaw attorneys in Rhode Island who specialize in Wills and Trusts, Estate Planning, Guardianship, Probate, and Veterans Aid and Attendance Benefits.

They also are Newport Rhode Island Divorce Lawyers, Attorneys, Mediators, and Arbitrators providing services for Family Law issues such as Divorce, Child Custody and Visitation, Support, and Military Family Law. 

Call them today at 401-841-5700 or visit them on the web at http://www.CounselFirst.com.

Contact Your Legislature about the "Improving Access to Medicare Act"

This information was passed along by Kathy Heery, RN, MSN, Geriatric Care Manager, as a member of the Kent County Senior Provider Network:

Published 20-Apr-2011 by Brian Stever in Latest News

New legislation will allow a resident that is held in "observation" to
have this time counted toward their required Medicare 3 day stay.

The Improving Access to Medicare Act would allow beneficiaries kept in a hospital for "observation" to qualify for Medicare Part A coverage of a
subsequent stay in a skilled nursing facility (SNF). The bill would count
any time spent in observation toward the 3-day stay requirement.
Increasing numbers of beneficiaries are disqualified from Part A coverage
of their SNF stay because they were held for observation rather than
admitted as an inpatient.

Please Contact Congress and ask your legislators to support this important legislation so it can move to the floors of the U.S. Senate and House of Representatives.

Please follow the link to tell your legislators how important that this
legislation is.

http://capwiz.com/leadingage/issues/alert/?alertid=42264501


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The Law Offices of Jeremy W. Howe, LTD. are ElderLaw attorneys in Rhode Island who specialize in Wills and Trusts, Estate Planning, Guardianship, Probate, and Veterans Aid and Attendance Benefits.

They also are Newport Rhode Island Divorce Lawyers, Attorneys, Mediators, and Arbitrators providing services for Family Law issues such as Divorce, Child Custody and Visitation, Support, and Military Family Law. 

Call them today at 401-841-5700 or visit them on the web at http://www.CounselFirst.com.

Law Offices of Jeremy Howe, Ltd. Participating in SeniorsRULE

RULE - Resources Unlimited Liaisons for Elders

April 22, 2011 - Newport, RI - On May 25, 2011 Kristy Garside, Esquire of the Law Offices of Jeremy Howe, Ltd. will be present as a member of SeniorsRULE (Resources Unlimited Liaisons for Elders) at Butler Hospital.

The purpose of the event is to inform Butler’s employees about what services our office has to offer. The event takes place from 11:00am to 4:00pm in the Butler Atrium, where other members of this “women’s only” group will be there to share information about their elder services as well. Only members of SeniorsRULE have been asked to attend.

Attorney Garside says, “This will be a great opportunity to reach a large number of employees who live in the community we serve, without asking them to take time out of their day to come see us! I hope to educate people about how we can help them or their elder parents in difficult situations.”

Contact seniorsrule@myway.com for more information about the group and the services available.
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The Law Offices of Jeremy W. Howe, LTD. are ElderLaw attorneys in Rhode Island who specialize in Wills and Trusts, Estate Planning, Guardianship, Probate, and Veterans Aid and Attendance Benefits.

They also are Newport Rhode Island Divorce Lawyers, Attorneys, Mediators, and Arbitrators providing services for Family Law issues such as Divorce, Child Custody and Visitation, Support, and Military Family Law. 

Call them today at 401-841-5700 or visit them on the web at http://www.CounselFirst.com.

SHOULD YOU DRAFT YOUR WILL ONLINE?

Online Wills?

A client asked me whether she should go on-line and draft her own Will. She is very computer-savvy and assumed that she could figure out the requisites of a Will and do it herself.

My response was quick, honest and direct.

A Will is a unique legal document because the person who writes it, the testator, will not be around to explain it. Further there are legal requisites to a valid Will. The Will must be executed (signed and witnessed) properly or it is not valid. If it is executed or prepared improperly, the impropriety will not be discovered until it is too late. I told my client that we frequently see Wills prepared with the assistance of an attorney that are incomplete, inaccurate, invalid or otherwise problematical. There is a necessary ritual that must be followed when the Will is signed. It is not as easy as it seems to write a proper Will which can with-stand a challenge in the future.

The process looks like this: All assets, debts and income are reviewed. All heirs and beneficiaries are listed. Non-probate assets and transfer-on-death (TOD) assets are considered. Medicare and Veteran implications are looked at as well as present and future tax ramifications. Other documents such as a Durable Power of Attorney, a Medical Durable Power of Attorney and a Living Will Declaration are drafted. All documents are reviewed with the client. Any earlier Will is properly revoked. Then the new Will is signed in accordance with the law in the state where it is executed. Each page of the Will is initialed. The witnesses to the Will sign a sworn affidavit which will prove the Will in the future. Attorney notes are preserved. The original documents are stored in a safe. The clients file is placed on the calendar for a review (free of charge) in three years.

Call Jeremy Howe to discuss Will questions or for more information on your estate planning and probate concerns.

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The Law Offices of Jeremy W. Howe, LTD. are ElderLaw attorneys in Rhode Island who specialize in Wills and Trusts, Estate Planning, Guardianship, Probate, and Veterans Aid and Attendance Benefits.

They also are Newport Rhode Island Divorce Lawyers, Attorneys, Mediators, and Arbitrators providing services for Family Law issues such as Divorce, Child Custody and Visitation, Support, and Military Family Law. 

Call them today at 401-841-5700 or visit them on the web at http://www.CounselFirst.com.

National Health Care Decisions Day

This Saturday, April 16, 2011, is

National Health Care Decisions Day (NHDD)

According to the Center for Medicare Advocacy's website, NHDD is a collaborative effort of national, state and community organizations committed to ensuring that all adults with decision-making capacity have the opportunity to communicate their preferences for end-of-life care. The Federal Patient Self-Determination Act requires that all Medicare-participating health care facilities provide information to patients regarding Advance Directives - documents that enable you to select someone to speak for you if you cannot speak for yourself and in which you can specify what types of medical treatments you would or would not want at the end of life.

Despite this Act and other efforts to increase public awareness of the right to have choices about health care, it is estimated that only a small minority of patients have completed Advance Directives. A 2003 study by the U.S. Agency for Healthcare Research and Quality found that:

• Less than 50% of severely or terminally ill patients studied had an advance directive in their medical record.


• Only 12% of patients with an advance directive had received input from their physician.


• Between 65 and 76% of physicians whose patients had an advance directive were not aware that it existed.

Take the time this weekend to consider your own desires for end-of-life care. Review your Advance Directives, if you have executed them. If not, consult your physician, discuss with family members and consult your attorney. If you or your loved ones do not have an attorney and you have questions about Advance Directives, call me, Hilary Carlson, at (401) 841-5700.

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The Law Offices of Jeremy W. Howe, LTD. are ElderLaw attorneys in Rhode Island who specialize in Wills and Trusts, Estate Planning, Guardianship, Probate, and Veterans Aid and Attendance Benefits.

They also are Newport Rhode Island Divorce Lawyers, Attorneys, Mediators, and Arbitrators providing services for Family Law issues such as Divorce, Child Custody and Visitation, Support, and Military Family Law. 

Call them today at 401-841-5700 or visit them on the web at http://www.CounselFirst.com.