Kiplinger

How Transfer-on-Death Accounts Can Fit Into Your Estate Planning

My wife and I, like most married couples, share a bank account from which either of us can write checks and add or withdraw funds without consent from the other. If my wife outlives me, the account will be hers alone, which my Last Will can't change.

The account is wholly owned by both of us while we're both alive, which means that a creditor of mine could make a claim against the entire account without regard for my wife or her interests. In addition, either of us could withdraw all the money in the account and not inform the other. This basic joint account offers a right of survivorship. However, can joint account holders designate who gets the

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