best way to be listed on account pre bk?

[sval]

My sister has a savings account that I am listed on & was only recently made aware of.I must of signed onto it years ago but wasn't recalling this fact. I was recently sent a signature card to return to the credit union as well as they are in need of a copy of my drivers license & I am reluctant to do so as I am filing ch 7 soon. On the card there is a space to be optionally checked that states "For survivorship" & a name would be inserted. Would it be better if this is checked on the card vs. showing me as a joint owner as it is now-or so it seems by looking at the card info . I have nothing to do with this account-it is soley her account . I e mailed my attorney days ago but no reply as of yet & she is anxious to have this sent back to the cu. I prefer to not dislose my impending bk but if I must I must nor do I care to have to need her to submit anything to the trustee. Help soon please!

[AngelinaCatHub]

You will be safe to address the account as P.O.D. with her as the owner, you as only the sub owner upon the death of her. Pay On Death. That make her the 100% owner and you would not even have to list it as your own property. There is a place on the forms (I don't have it in front of me) that asks are you storing any other persons property. If you wish you could list it there but it is not your asset. Best do this soon and get some time between it and filing just so it does not LOOK like you are hiding anything. 'Hub

[ssmdem]

We had this EXACT issue. Filed this month, but found out on Thanksgiving Day my husband was joint owner on three accounts with his mother totaling $30K. Was not happy to say the least to find out about it. Our attorney told us the accounts would have to be listed, but they would be listed as a balance of $0 because it isn't our money. She said we can obviously prove we've never made deposits and never used the money, so it's not an issue. At worst, she said our trustee might make us get a signed affidavit from his mother saying the same. By the way, our attorney is a trustee is as well in our area, and I asked repeatedly, "You're certain this isn't an issue?" She never batted an eye - said it happens all the time. If we haven't put money in there, we don't have a problem.

That being said, yes, it's better to be listed as a beneficiary. But I'd find out how it's listed now. If you're close to filing, it might draw questions if you change it now.

[tcreegan]

Hi sval,

ACH has you covered on what-to-do, but noticing the hesitancy to inform your sister I wanted to say that a BK is strictly a business decision, nothing personal. Numbers on paper and what is best for your long-term financial situation.

But that said, your business is your business, whose nose you let get into it is strictly your call!

Tom in Colo

[sval]

Thank you all for your replies. She was here yesterday for dinner & was asking about the form. I stated I had to speak to my attorney about this as well as I need to be sure the "Survivorship" box is checked. On the form ony her name is listed for the TIN-tax info. She didn't say a word-amazingly-so I will copy both sides to submit to my attorney for proof I am only on there as an estate planning tool. I didn't have to go into detail with her! Big sigh of relief!!