Recently my mother added me to her and my stepfathers bank accounts. They are in their 80's. I also have POA for both of them. They have a will that states all assets, properties, etc are to be sold, 20% goes to their church, and balance split between 6 adult children. I noticed that the bank accounts say right of survivorship. So with regards to this and the will, the money transfers to me and then I split it up or does it belong to me? Hubby says it gets split, and I am legally obligated by the will and my integrity, but I think she did this as I am the ONLY ONE that is nearby and helped them move, daily care, etc....whats your thoughts?
If something should happen to either of them....a stroke, a fall, an accident, etc and they have any extended hospitalization, rehab, in home care, or 1 of them needs a NH, etc...or something happens to dramatically change their living situation, then their income & nest egg will be depleated. Costs of care can be staggering. NH range from 5k to 15k a month. The 20% Medicare copay can be oodles of $$$. Their secondary coverage may be quite limited if things get complex or go on for months. In home care easily $ 20 hr with a 3x a week 4 hr minimum. Dental is almost always totally private pay and expensive. There could be another decade ++ of health care & living expenses. If they live long enough, they could well outlive their $.
My point is that there just not be all that much left that becomes their estate.
Do they have any insurance or funds speficially for funeral expenses? Who do they expect to pay those expenses? You, from whatever might be left in that account? What if there's not enough? If you want to divide any funds in your name with anyone else that is up to you.
If you are doing caregiving and no other sibling is, then I think you definitely should get the money (well, depending on the amount in the accounts, of course!).