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In Florida estate planning, families often ask whether they should add someone to their bank account—and if so, should that person be a co-owner or just a signer? This seemingly simple decision can have significant legal and financial consequences.

Let’s break down what each role means and when one might be preferred over the other.

What Is a Co-owner on a Bank Account?

Adding someone as a co-owner (joint account holder) gives them full ownership rights to the account—both during your life and after your death.

✅ Pros:

- They can help manage finances or pay bills.

- Avoids probate: the account typically passes automatically to the surviving owner.

⚠️ Cons:

- The co-owner legally owns the funds—even if they didn’t contribute a penny.

- Vulnerable to the co-owner’s creditors, lawsuits, or divorce proceedings.

- May unintentionally disinherit other heirs if not coordinated with your estate plan.

What Is a Signer or Authorized User?

A signer is someone authorized to use the account to assist you but has no ownership rights. This is often called a “convenience account” or “agency arrangement.”

✅ Pros:

- Maintains your ownership and control.

- Limits exposure to the signer’s financial issues.

- Helps reduce risk of financial elder abuse.

⚠️ Cons:

- The account will still go through probate unless it has a payable-on-death (POD) designation.

- The signer may not be authorized to act after your incapacity (unless combined with a durable power of attorney).

Best Practices for Florida Residents

- Don’t rush to add a child or relative as a joint owner just for convenience.

- If your goal is simplicity or bill paying, consider:

- A signer arrangement,

- A Durable Power of Attorney, or

- A revocable living trust.

-

- For estate planning purposes, be aware that adding a co-owner could be treated as a taxable gift if they’re not contributing equally to the funds.

- Under the new tax bill passed in 2025, the federal gift tax exemption is higher—but improper titling can still create unintended tax and probate consequences.

Final Thoughts

Adding a co-owner or signer can be helpful—but if done incorrectly, it can undo years of thoughtful estate planning. If you’re unsure, it’s best to consult with a Florida estate planning attorney to evaluate your goals and risks.

Confused about how to title your bank accounts?
Schedule a consultation with Bart Scovill, PLC today to make sure your estate plan protects your goals. https://scovills.com/estateplanningnews/co-owner-vs-signer-bank-account-florida/

When music legend Jimmy Buffett passed away in 2023, he left behind a legacy of island escapism—and a substantial estate reportedly worth over $275 million. But even the most carefully laid estate plans can run into turbulence. A year after his death, Buffett’s widow, Jane Slagsvol, is embroiled in litigation with one of the trustees of his estate, accusing him of misusing funds and withholding information.

Buffett’s case highlights critical issues that Florida residents—and anyone setting up a trust—should understand. Here’s what happened, and what you can do to avoid similar complications.

The Buffett Estate Conflict: A Quick Overview

According to court filings, Jimmy Buffett appointed both his wife Jane and longtime financial advisor Richard Mozenter as co-trustees of his estate. Jane now alleges that Mozenter:

- Spent millions of dollars from the trust without proper documentation

- Refused to provide her with detailed financial records

- Threatened to delay distributions and impose penalties if she questioned his actions

She has asked the court to remove him as co-trustee, citing breach of fiduciary duty. While these allegations have yet to be fully resolved in court, they offer a cautionary tale for anyone planning their estate.

Lessons for Florida Residents Creating a Trust

1. Choose Your Trustees Carefully

Many people name family members or longtime advisors as trustees. But conflicts can arise if they don’t have clear boundaries, transparency, or experience managing trust assets. A trustee must:

- Act in the best interests of the beneficiaries

- Keep accurate records

- Avoid self-dealing or personal gain

If you’re naming multiple trustees, make sure they can work well together—or consider a professional trustee to minimize the risk of conflict.

2. Document Trustee Responsibilities Clearly

A well-drafted trust should spell out the trustee’s responsibilities, reporting obligations, and limits on their authority. This includes:

- How and when financial statements must be shared

- What expenses can be paid from trust funds

- What decisions require co-trustee agreement

In Buffett’s case, lack of clarity or oversight may have contributed to the current legal dispute.

3. Maintain Transparency

Trustees should communicate regularly with co-trustees and beneficiaries. Florida law requires trustees to keep beneficiaries informed and to provide accountings upon request. Failing to do so can lead to court intervention—or worse, removal.

4. Understand That Trusts Don’t Prevent All Disputes

A common myth is that using a trust guarantees a smooth transition. In reality, trusts are powerful tools, but only if properly administered. Disputes can still arise when:

- There is mistrust among family members

- A trustee refuses to share information

- There are significant assets at stake

The goal of your estate plan should be not just to transfer wealth, but to preserve harmony and clarity.

How You Can Avoid a Similar Outcome

At Bart Scovill, PLC, we’re experienced in helping Florida families create thoughtful, well-drafted estate plans. That includes helping you:

- Choose the right fiduciaries

- Draft clear trust terms and reporting requirements

- Guide your loved ones through administration after your death

Don’t leave your legacy to chance. If you have questions about setting up or updating your trust, we’re here to help. https://scovills.com/estateplanningnews/trouble-in-margaritaville-jimmy-buffett-estate-lessons/

When music legend Jimmy Buffett passed away in 2023, he left behind a legacy of island escapism—and a substantial estate reportedly worth over $275 million. But even the most carefully laid estate plans can run into turbulence. A year after his death, Buffett’s widow, Jane Slagsvol, is embroiled in litigation with one of the trustees of his estate, accusing him of misusing funds and withholding information.

Buffett’s case highlights critical issues that Florida residents—and anyone setting up a trust—should understand. Here’s what happened, and what you can do to avoid similar complications.

The Buffett Estate Conflict: A Quick Overview

According to court filings, Jimmy Buffett appointed both his wife Jane and longtime financial advisor Richard Mozenter as co-trustees of his estate. Jane now alleges that Mozenter:

- Spent millions of dollars from the trust without proper documentation

- Refused to provide her with detailed financial records

- Threatened to delay distributions and impose penalties if she questioned his actions

She has asked the court to remove him as co-trustee, citing breach of fiduciary duty. While these allegations have yet to be fully resolved in court, they offer a cautionary tale for anyone planning their estate.

Lessons for Florida Residents Creating a Trust

1. Choose Your Trustees Carefully

Many people name family members or longtime advisors as trustees. But conflicts can arise if they don’t have clear boundaries, transparency, or experience managing trust assets. A trustee must:

- Act in the best interests of the beneficiaries

- Keep accurate records

- Avoid self-dealing or personal gain

If you’re naming multiple trustees, make sure they can work well together—or consider a professional trustee to minimize the risk of conflict.

2. Document Trustee Responsibilities Clearly

A well-drafted trust should spell out the trustee’s responsibilities, reporting obligations, and limits on their authority. This includes:

- How and when financial statements must be shared

- What expenses can be paid from trust funds

- What decisions require co-trustee agreement

In Buffett’s case, lack of clarity or oversight may have contributed to the current legal dispute.

3. Maintain Transparency

Trustees should communicate regularly with co-trustees and beneficiaries. Florida law requires trustees to keep beneficiaries informed and to provide accountings upon request. Failing to do so can lead to court intervention—or worse, removal.

4. Understand That Trusts Don’t Prevent All Disputes

A common myth is that using a trust guarantees a smooth transition. In reality, trusts are powerful tools, but only if properly administered. Disputes can still arise when:

- There is mistrust among family members

- A trustee refuses to share information

- There are significant assets at stake

The goal of your estate plan should be not just to transfer wealth, but to preserve harmony and clarity.

How You Can Avoid a Similar Outcome

At Bart Scovill, PLC, we’re experienced in helping Florida families create thoughtful, well-drafted estate plans. That includes helping you:

- Choose the right fiduciaries

- Draft clear trust terms and reporting requirements

- Guide your loved ones through administration after your death

Don’t leave your legacy to chance. If you have questions about setting up or updating your trust, we’re here to help. https://scovills.com/?p=2501

In Florida estate planning, families often ask whether they should add someone to their bank account—and if so, should that person be a co-owner or just a signer? This seemingly simple decision can have significant legal and financial consequences.

Let’s break down what each role means and when one might be preferred over the other.

What Is a Co-owner on a Bank Account?

Adding someone as a co-owner (joint account holder) gives them full ownership rights to the account—both during your life and after your death.

✅ Pros:

- They can help manage finances or pay bills.

- Avoids probate: the account typically passes automatically to the surviving owner.

⚠️ Cons:

- The co-owner legally owns the funds—even if they didn’t contribute a penny.

- Vulnerable to the co-owner’s creditors, lawsuits, or divorce proceedings.

- May unintentionally disinherit other heirs if not coordinated with your estate plan.

What Is a Signer or Authorized User?

A signer is someone authorized to use the account to assist you but has no ownership rights. This is often called a “convenience account” or “agency arrangement.”

✅ Pros:

- Maintains your ownership and control.

- Limits exposure to the signer’s financial issues.

- Helps reduce risk of financial elder abuse.

⚠️ Cons:

- The account will still go through probate unless it has a payable-on-death (POD) designation.

- The signer may not be authorized to act after your incapacity (unless combined with a durable power of attorney).

Best Practices for Florida Residents

- Don’t rush to add a child or relative as a joint owner just for convenience.

- If your goal is simplicity or bill paying, consider:

- A signer arrangement,

- A Durable Power of Attorney, or

- A revocable living trust.

-

- For estate planning purposes, be aware that adding a co-owner could be treated as a taxable gift if they’re not contributing equally to the funds.

- Under the new tax bill passed in 2025, the federal gift tax exemption is higher—but improper titling can still create unintended tax and probate consequences.

Final Thoughts

Adding a co-owner or signer can be helpful—but if done incorrectly, it can undo years of thoughtful estate planning. If you’re unsure, it’s best to consult with a Florida estate planning attorney to evaluate your goals and risks.

Confused about how to title your bank accounts?
Schedule a consultation with Bart Scovill, PLC today to make sure your estate plan protects your goals. https://scovills.com/?p=2439