What is the purpose of having a joint partner (s) versus a beneficiary?
Your joint partner can conduct transactions on your behalf while you are alive but upon your passing, your beneficiary supersedes your joint partner. Payment to a beneficiary however, is limited by law to a maximum of $5,000. Amounts in excess of$5,000 due to the estate can only be obtained via probate of a will or letter of administration. This process will incur legal costs.
Posted in: General Information