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Conger, MN | Personally, I like to see that the parents have one account that can still be used after they pass.
That allows bills to be paid and deposits made prior to appointment of the personal representative, which can take a couple of months.
The foregoing can be set up by adding a kid as a joint owner on the account, but it needs to be identified as being "for convenience only". The kid needs to recognize and agree that just because he or she is identified as a joint owner, the money is not his or hers to use for their own purposes. It is to be used for specific purposes after passing . . . and anything left over gets split.
Also, when people say "mom put me on her bank account" (or similar), that can mean different things. Just having check writing authority does not accomplish the goal of having an active account after mom passes away.
The other way to accomplish this goal is to stop at the bank and have mom fill out a "Pay on Death" form, which means that it will go to whomever is listed. (Bank will need a death certificate after passing.) Again though, Mom needs to clarify whether this is just for convenience purposes or whether she really wants that money to be the named kid's after she passes.
(This steps are not necessary if there is a trust in place that has an account. However, a trust is not a necessary estate planning tool for everyone.)
As for current ownership of the land: It sounds like you and your sibling have what is called a "remainder interest", with mom having a life estate. I would not change anything with that without getting proper legal and tax advice.
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For those with joint landlords....
