Full question: Hello. I get disability and supplemental security income. I was wondering if i can put my sister as a beneficiary on my checking and savings account if something happens to me unexpectedly. And I was looking at the form I requested from my bank to look at it and is joint owner of account the same thing? And will it be okay in your opinion to do that and do I let Social Security know in some way or I don’t have to because the bank tells them or is it my responsibility to tell them?

Hello,

I understand that you want to have your sister as the beneficiary of your checking and savings accounts where your SSDI and SSI income is deposited. We are not legal experts and it would be wise to seek professional legal advice on this topic.

Since SSI is needs-based and you must stay under a certain amount of resources, adding a joint owner may cause Social Security to count the entire account balance as yours, which could cause you to lose your SSI benefits.

Adding a beneficiary, Payable on Death (POD) may be the solution, ensuring that you remain the primary owner on the accounts.

It is your responsibility to report any changes in ownership or beneficiary status on your accounts to the SSA.

Best of luck,
Martha

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