If you expect to leave any money or property to your children or loved ones, it is essential that you prepare and plan how you want your property, which is also known as your estate, to be divided. Some people will put money or property in a joint account with a child or another person with the expectation that after they die, the other person on the joint account will divide the property equally among their other children or loved ones. Human nature being what it is, many joint account holders fail to divide the dead person’s money or property as intended. Even worse, some joint account holders help themselve to the money in the joint account during the lifetime of the person who put the money into it.
You should only name a person as the executor of your will or the trustee of your trust if you can trust them absolutely. In my opinion, it is better to hold your money or property in a living trust for your benefit during your lifetime and for the benefit of your loved ones after you die. It would even be better to allow your estate to go into probate, knowing that your executor would have to carry out your wishes.
Please call me at 501-604-4525 or e-mail me at firstname.lastname@example.org to discuss planning your estate, or to draw up a will or a living trust.