When Mom or Dad is in health, older children may think it is a good idea to have their parents account or above and have a joint account. The idea is that the child can save the parents' income, pay their bills, and distribute the money in the account when their mother or father dies.
According to a recent lawsuit by the Minnesota Supreme Court, this can be very dangerous.
The girl, Mari, was sitting on my father's savings certificate. The family thinks that the account is used to handle the income and expenses. Maru did not save the money for the CDs.
However, when Father died, he was shocked by the six siblings, Marrur said, that his joint account was not part of his estate.
The sisters filed a lawsuit and tried to put the CDs into the property.
The sisters argued that Dad always wanted all the children to have his share of the property. They announced a copy of his will and the Sisters must all have the same share of their property.
After the judge heard the evidence, Dad concluded that he wanted all siblings to share equally. The court concluded that all land certificates must be returned to the property.
The case went to the Minnesota Court of Appeals and eventually to the Supreme Court. Father of the High Court never says or writes anything that says CDs are the property of all children. The court concluded that the Jury's account was all owned by Renee, although the jury's decision was that all accounts were owned by Rhine.
The court's decision was criticized because many families did so to facilitate this and did not think the parent would benefit from having one child alone.
The message of this latest court ruling is that you should contact and discuss parental care arrangements before you go to a bank or credit union. When thinking about a real estate plan for your loved one, it is always wise to speak with an estate planning expert who has experience in legal effects.
The content of this article is for information only and is not interpreted as legal advice. You should plan a property for personal legal advice and consult with an experienced attorney.