Changing a name on a stock account after jt tenant’s death
My wife recently passed away. We were both on the stock account as “JT TEN” I need to remove her name and would like to replace it with my nephew as we have no children. Should it be “in JT TEN”, “OR”, or “beneficiary”? What would be the best?
Terry Says
I’m sorry for your loss. The first question is easy. You need a certified copy of the death certificate to change the name on any accounts that were in joint name. The funeral director should be able to get those for you and you should ask for several copies because you are bound to need them. The same form would be needed, for example,if your house was titled jointly, or if you have any bank accounts.
But the answer as to whose name should go on the account is not so simple. I think, based on what you wrote, that you are alone in life now — and that your nephew is likely to be your sole heir, or perhaps some charities as well. But there’s more than money to consider. You’ll also want someone to have your healthcare power of attorney to act if you are incapacitated.
I’m going to suggest that you make an appointment with an estate planning attorney to create a Revocable Living Trust — and then change the title to all major assets like your brokerage account, CDs, and house into the name of the trust. While you are alive, you can make all decisions and there is no tax consequence.
You will name your nephew as your “successor trustee” to act if you are incapacitated or when you die. Because all your major assets are in the name of your trust, he can just step in. And you leave instructions about bequests to charities etc after your death as part of the trust instructions.
Separately, you should create a healthcare power of attorney and a living will (terminal instructions) and give him those powers. And you can name him as a BENEFICIARY of any life insurance policies or an IRA.
Of course, if you only have this one bank account as your major asset and since you trust him not to run off with the money (!) you could simply put it in joint name. BUT do consider the other documents I mentioned.
But you see that setting up this trust allows him to act not only on your death — but while you are alive and cannot handle things yourself. That is the easiest way to do it — IF you trust him completely. Hope this helps.
