My father put my name on all his bank accounts and on his home
Full Question:
my father put my name on all his bank accounts and on his home .does he still need a will.he is leaving it up to me to distribute the money after he has deceased
03/28/2011 |
Category: Wills and Estates |
State: Maryland |
#24517
Answer:
You should at least talk to a tax specialist about the tax implications of these gifts. Your father giving you joint ownership of these assets is essentially a gift. Check into it.
If you are a "joint tenant with right of survivorship" then the property will become solely yours upon your father's passing. You also need to talk to the tax specialist about the tax consequences of your gifting portions to your siblings.
