If my grandparents recently made me a co-owner on all their banking accounts, what will my name being on their banking accounts allow me to do?
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If my grandparents recently made me a co-owner on all their banking accounts, what will my name being on their banking accounts allow me to do?
My uncle is listed as executor in their Will.
Asked on April 15, 2015 under Estate Planning, Tennessee
Answers:
Christine Socrates / Christine Sabio Socrates, Atty at Law
Answered 9 years ago | Contributor
Your uncle will be the executor of their probate estate. The bank accounts will not be a part of the probate estate since they will pass to you upon their death. As a co-owner, you have the same rights that they do on the accounts. That may have not been what they intended as many elderly do this to avoid probate but do not realize the true impact of that act.
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