(PRWEB) June 05, 2014
Pozzuolo Rodden P.C., Philadelphia Estate Planning Attorneys, announces the release of the question of the month: Should a 75 Year Old Widow Jointly Title Her Savings Account With Her Son to Ensure Her Bills Are Paid?
Should a 75 Year Old Widow Jointly Title Her Savings Account With Her Son to Ensure Her Bills Are Paid?
It is not recommend adding the widow’s son as a joint owner of her savings account to ensure her bills are paid.
If she plans on adding her son as a joint owner of the account only for the sake of convenience to pay her bills, then a durable power of attorney would be more appropriate. This would allow her son to access her account to pay her bills even if she is not capable of doing so herself in the future. A power of attorney that provides restrictions on her son’s ability to make gifts would also ensure that her son does not have the right to give the money to himself. Finally, as a fiduciary, her son would be held to the highest standard of loyalty and could be held accountable for any misuse of his mother’s funds.
If you would like to read more, please read the full "Question of the Month" and other estate planning newsletter at http://www.pozzuolo.com
Contact our Philadelphia Estate Planning Law Firm with your questions, comments or concerns.
Pozzuolo Rodden, P.C. provides specialized cost-effective legal services to privately held business owners and high-net-worth clients in Pennsylvania and New Jersey in excess of 35 years.
Practice Areas: Business/Corporate Litigation | Business/Corporate Law | Real Estate | Employment Law | Estate Planning & Administration | Tax & Pension Law / Family Law
Pozzuolo Rodden, P.C.
Counselors at Law
2033 Walnut Street
Philadelphia, PA 19103