If you’ve been asked to help a loved one manage their assets, you likely know that there are many complex issues to consider. One question that many people in this situation are often left wondering is whether it is better to be added to a bank account as a joint account holder or if it is better to establish a separate estate account. While it can be quicker and often easier to simply add a person as a joint account holder, the joint account will also be left the sole account holder after the loved one’s death.
The alternative is to open an estate account which will be responsible for paying bills associated with the deceased person’s estate. This article reviews just some of the most substantial advantages that people realize by opening estate accounts.
# 1 – Reduced Risk Exists with Estate Accounts