my grandmother put my name on her bank account .if she passes away she wants me to go get it out ?

Question

will this be possible? will there be any freezes. and will and other family be able to battle me. its a lot of money. she knows they wont pay her bills off like she wants and stuff, and they will spend it all.

Answer 1

if it's joint account and it has your name and you're old enough there should be no problem the money is yours

Answer 2

If Grandma puts your name on the account as a joint account holder, you will have access to the money now. If YOU withdraw money DURING HER lifetime, you Grandmother may have completed a gift to you for tax purposes. It is important that you understand the gift tax rules and speak to someone who is qualified to give you legal and tax advice on this. If the account is listed jointly with you, the money would go to you at her death. You should check the "community property" rules in your state as this could have an impact.

Another option you may want to consider would be the use of a "Transfer on Death" (TOD) designation on the account. This designation works much the same way as a beneficiary designation on an IRA or insurance policy. This designation would generally allow the proceeds of the account to pass outside of the probate process, directly to you.

I'm not an attorney and not qualified to give you legal advice. It is important that you speak to someone who can advise you on your specific situation concerning the gift and estate tax rules, and property ownership rules. That said, the joint ownership and TOD designation might be a good solution for you.

Answer 3

When your Grandmother put your name on the account she needed to put it her name OR your name can withdraw monies from this account. She should not have put the work AND because that would mean you both would have to be present to sign. Yes, the account should just roll over to your name only and it would not be part of her estate because she has already given you the money. Maybe you might want to check with the bank to be positive.

Answer 4

Nope...They cant say do anything about it. When my father passed away my mom wasnt on any of his accounts so we couldnt get any money from the bank. Well after that happend my Mom and I both went down and she put my name on her account. Now thats she gone i have FULL access to her account. No hassles.

Answer 5

If the account is JTWROS then it will be yours when she dies and nobody can do anything about it.
Joint Tenants with Right of Survivorship
The manager at the bank will explain it to granny

Answer 6

She needs to specify in her will that you will have sole control over that bank account when she's gone.