Choosing an Executor of my Will?

[64osby]

Something I learned that can or will avoid some probate and associated taxes. Turned out one of Mom's bank accounts was a joint account. After she passed the funds belong to the others listed on the account. No probate required. Just have to be willing and able to trust the joint account signers.

Distributions can be made as gifts, max of $14,000 per year tax free per person per account signer. If two signers also had a spouse then $56,000 could be distributed to someone with no tax due.

 

[WIMUSKY]

We've been on our parents bank accouts for years. If people do that, make sure it's set up as "or" not "and".