How to set beneficiaries for this [bank] account?

[katzfarm1]

I am organizing my personal effects in order to leave assets to family members who survive me.  My attorney has suggested that either a PayPal account should be held jointly by at least two people, so if one dies the other still has access to the account -- OR I should name beneficiaries so the funds in the account can be distributed to them in the case of my death. This eliminates the need for probate. Please explain how to manage this. 

[kernowlass]

@katzfarm1

A personal paypal account can be in one persons name only and you can't add another person.

Even if you had a business account it would still have to be in one persons name although others can be added for 'certain' responsibilities.

[katzfarm1]

Often I keep a balance in my accounts. Perhaps I am not understanding Best Practices for PayPal. Is it intended to be used as a pipeline that always flows from payer to payee without accumulating in PayPal itself? I suspect this is what I will do moving forward.

[kernowlass · Accepted solution]

@katzfarm1

Well personally I never have funds in my paypal balance for very long.

If i am selling I withdraw the funds every 2 weeks.

As a buyer I would never need them anyway.

But if you want to keep funds in your paypal balance then that is up to you really.