Beneficiaries
Hi Terry,
My question is..if I put my sibling on one of my bank accounts as a beneficiary and I passed, would the husband automatically be entitled to half of that because they’re married even though it’s only in one name?
Thank you.
Terry Says
As long as your sister knows to keep the money separate, in a separate account, and not use ANY of it to support a joint marital asset (their home) the money is legally hers, and not a marital asset.
It depends on her not to let him bully her into sharing it!
But only IRA accounts have “beneficiaries”. Other bank accounts may be titled either “joint tenants with rights of survival” (giving her the ability to withdraw now) or POD (payable on death), meaning she gets the money at your death. But she can’t use it to pay for your care if you are incapacitated and can’t sign checks.
Think about how you have the account titled. And the consequences.
