Legal Question in Wills and Trusts in Pennsylvania
New Law in Pennsylvania
Does Pennsylvania have a new law stating that an elderly person does not need to have another name on their checking or savings accounts? Basically, if they do it is against this law? My mother is 92 and was informed that she did not need to have anyone else on her accounts to avoid any problems with some one ''stealing from her'' if she became sick or if she passed away. The money in these accounts would go to her estate automatically!!
1 Answer from Attorneys
Re: New Law in Pennsylvania
There is no such law requiring anyone to have another person's name on any of their accounts or assets. Upon the death of any person, their assets belong the their "estate". This does not mean that heirs of the deceased automatically can have the assets. It means that the estate must be administered by the personal representative (executor) appointed by will, or if there is no will, appointed by the Register of Wills in the County where the deceased person resided.
People are also permitted to have joint accounts, with more than one owner's name on the account, but it is not required.
If your mother wants to be sure that her estate goes to those people she wants to leave it to, and if she has mental capacity, she should have a will and also a living will, advance health care directive, health care power of attorney, and a durable power of attorney. She may consult an estates lawyer in her county to assist her with these documents, which must satisfy legal requirements and be signed with certain formalities in order to be valid.
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