Retirement and estate planning
My wife and I are 70 years old. We have a will, health directive, power of attorney and executor of estate and we are now moving towards adding a daughter to our checking account if and when our age causes us a struggle in paying our bills. Most our expenses are paid monthly directly on line. Should our daughter be added to all of those expenses, our credit cards and our Fidelity Account?
Terry Says
You would have been better off creating a Revocable Living Trust, and titling all your accounts in the name of the trust — with your daughter as successor trustee if you are incapable of acting.
Please watch this video –and then make your decisions. Adding her to your credit cards could harm your credit report or hers. Not advised. And if your Fidelity account is an IRA, you can’t add her. If not an IRA, there are all kinds of estate tax implications to adding her to an investment account.
Why didn’t you discuss this with your estate planning attorney?? If he/she didn’t discuss these issues, and you decide to re-do your estate plan into a revocable living trust, please choose another attorney!
