Question: "My mother is planning to leave $20,000 in savings to my sister and me, but I'm not sure about the way she is going about it. She plans to leave $10,000 for each of us, but she wants us to just transfer all of her funds from her bank account to our own, and that be that."
Your mother can speak with her bank and see if there is a payable on death (POD) option on her savings account. If she fills out a payable on death form, then at her death, the funds will go to the person(s) listed on that form. As these funds are in her name, they could possibly be subject to creditor's claims at her death regardless of the payable on death designation.
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