QUESTION
My Uncle passed away a few days ago. My mother is on his savings account. Should she withdraw all of the money before it goes to probate?
Asked on Jul 31st, 2020 on Wills and Probate - Minnesota
More details to this question:
My Uncle passed away a few days ago. My mother is on his savings account. Should she withdraw all of the money before it goes to probate? There will be some medical debt and of course the cost of the funeral. I do not want to see the money get tied up in probate and all go towards his debts. The family farm was sold and he put the money into a savings in both of their names so she could access it when he passed. I am also worried that if my Mom puts it all into her checking account she will lose her medical assistance, housing assistance and food stamps. She wants to purchase a new car (she is 84) but I told her she may lose her assistance for a long period of time and she will need that money to live on. It is around $100,000. We are in Minnesota if that matters at all.
1 ANSWER
2 Awards
If the account is joint with right of survivorship (JTROS or JTWROS), 100% of the money is hers on presentation of a death certificate. If the account is joint, 50% of the money is hers on presentation of a death certificate and 50% passes to your uncle's estate.
If your mother is under 65, she can deposit the funds in a special needs trust or an account with a master pooled special needs trust and should do so in the same month in which she received them.
If your mother is 65 or over, she should spend the money on an exempt asset, such as a home, in the month in which it is received.
To make sure this is handled properly, she may want to consult a special needs attorney. She can find one near her through the Special Needs Alliance or the National Academy of Elder Law and Special Needs Attorneys (www.naela.org)
Answered on Aug 01st, 2020 at 5:16 AM
This is general information. It cannot substitute for a personal consultation with an attorney. It is not intended to be legal advice or imply an attorney-client relationship.