Can I Leave Everything to My Sister Without a Will or Trust

[oczad]

My question involves estate proceedings in the state of: california

I have several basic bank accounts and I may also soon also own a home outright. I want my sister to get everything i own when i go, and while looking thru the faqs at legal zoom i noticed two things that i thought may make it possible to leave the home and all bank accounts to her without needing a will or living trust. for the home, joint ownership. it says when one joint owner dies thier portion automatically goes to the surviving joint owner. So i would make her joint owner. for the bank accounts it mentions Pay-on-death Bank Accounts and states the following.... "If your bank account has a designated beneficiary upon death, then generally speaking, that person will become the account owner when the depositor dies".

What i want to know is if i make my sister joint owner of the home i buy and make all my bank accounts "pay on death" accounts with her as beneficiary, will i be able to die w/o a will or living trust and be assured she gets all?
Also, Is there some sort of difference between a "pay on death" account and a account with someone named as beneficiary, or are they just two different names for the same thing, an account which is given to a named person upon the depositors death? thank you

[jk]

you haven't addressed your personal property; personal possessions, cash laying about, furniture, gun collection, whatever.

[oczad]

you haven't addressed your personal property; personal possessions, cash laying about, furniture, gun collection, whatever.

i know, but thats my a concern. W/O going into a long-winded reason why, I'm just concerned about the money in the bank and the house.

[harrylime]

You realize that a joint owner is just that - a joint owner, don't you?

There isn't any changing your mind down the road.

[oczad]

You realize that a joint owner is just that - a joint owner, don't you?

There isn't any changing your mind down the road.

I think what you are trying to tell me is that if she happens to go against my wishes in some way shape or form then i'm in trouble....is this what you mean? If so, no worries. My sister would do anything for me and there is 0% chance of that kind of problem.

So again, can anyone answer the questions in my 1st post?

[harrylime]

I think what you are trying to tell me is that if she happens to go against my wishes in some way shape or form then i'm in trouble....is this what you mean? If so, no worries. My sister would do anything for me and there is 0% chance of that kind of problem.

So again, can anyone answer the questions in my 1st post?

OK, it is up to you. Relationships change. Financial situations change. People get sued and end up with judgments against them. People require some form of income- and asset-dependent assistance.

Yes, a pay on death account simply means that a beneficiary has been named. The term generally applies to bank accounts.

[jk]

You might speak with a tax consultant for the best way to transfer title to sis. Your idea of joint ownership will work (of course barring any problems harrylime alluded to) or you could also transfer it to her now while reserving a life estate for yourself. Each would have different tax implications and I have no idea about taxes so speak with a pro.

You also need to understand the exposure to creditors any situation might present as well. After you die, there is nothing to claim against but before your death, there is. Since, to me, this seems to sound like somebody with a terminal illness setting up their estate, you need to know about what can happen due to a creditors actions before your death. Of course, this is a wild point of speculation but just wanted to mention it if applicable.

[oczad]

Thanks. The taxes are a concern, but then i don't believe there is any way around it, tho i would think joint ownership would at least mean the most they could tax her is on 50% of the total. As to the relationship, trust me, i have zero worries. If you knew her you'd understand. $80,000 of the money i have in the bank was left to the both of us by my mother, and my sister simply said "i want you to have it all". I think that pretty much tells you how much i have to worry about her ! Theres no better person on the planet.