Legal Question in Wills and Trusts in California

can I name myself as benificiary on a bank account I share with my mother

can I name myself as benificiary on a bank account I share with my elderly and not well mother?


Asked on 4/21/06, 6:50 pm

1 Answer from Attorneys

Donald Field Donald L. Field, Jr., Attorney at Law

Re: can I name myself as benificiary on a bank account I share with my mother

if you already share a bank account with another person a beneficiary designation may not be needed (for example if the account is a joint tenancy account).

there are federal gift tax and income tax issues which arise from the creation and holding of such accounts. you should consult a tax attorney, cpa or enrolled agent.

finally, if you are attempting to avoid probate, depending upon the value of the assets involved, there may be other methods for accomplishing the same purpose. consult a qualified estate planning attorney.

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Answered on 4/27/06, 4:56 pm


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