Jerry Taylor describes a client whose father died with $400,000 in a bank account titled only in his name. The son couldn't access it for payroll and mortgage payments because banks follow account titles and beneficiary forms, not wills. Proper titling or beneficiary designations prevent this disaster.
September 4th, Labor Day's over. I just got off the phone with a client whose dad died a few weeks ago. He had a 47-year-old son who ran the family business, who is now in charge and cannot get into the bank account to access the $400,000 that is in there because that account was in his dad's name alone. Can't pay payroll, can't pay the mortgage. Oh yes, dad had a will, but here's the funny thing about banks. They don't read wills. They follow account titles and beneficiary forms. Son called me not knowing what to do because he's about to have to lay off people. People die all the time, folks. And if you've got an account that's in your name alone, you have not set it up so that your adult kids can access it immediately, you're setting them up for this very same disaster. I am going to fix this for 15 families this week. And if you're interested, go to the link in my bio. I will make sure this does not happen to you.
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