My Mom does not have a Living Will. She has a POA,-my brother- an Advance Medical Directive, a DNR order, and a Will. My name and my brother. Mom is in the hospital and rehab w/ a broken hip. She will hopefully go back to assisted Living once she can walk again. She is 88. I am trying to figure out her finances before she dies and was told that if my name was on her checking account her money would be safe from the courts and we could proceed with her wishes outlined in her Last Will & Testament. I want to make sure I am doing the right things to keep her estate out of the hands of lawyers and courts.
I think you're most concerned that you can have access to the funds immediately following your mother's death, and a joint account will allow you to do just that. Note, however, that her will only covers accounts in her her sole name, e.g., not joint accounts. So if her will says "All my assets go equally to my children," and you are the only one on the bank account with her, then the money in the joint bank account will pass to you alone and not to your siblings. If this is what your mother intends, that's fine. If not, it could cause family disputes.
As for whether the creditors of your mother can reach the joint bank account after her death, note that this varies from state to state. In many states, the creditors are simply out of luck and cannot attach the account of a deceased joint owner.
Another problem with this is if Medicaid monies were ever needed, your name is on this account and that could have an effect on whether or not she would qualify.
I'm not an attorney but it's best to have a trust rather than just a will - the will can be put INTO the trust. A trust does not have to go through probate in most states, so you may want to look into that.
Best wishes on the recovery of your Mom.
JTWROS will be changed to survivor's name when the death certificate is presented at the bank. BUT the nursing home can sue for the bill in states that have "filial responsibility" laws.
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