In this video, Cindy discusses … again … why joint ownership on bank accounts, investment accounts, real estate, etc., are generally not a good idea and should never be done merely for “convenience”….(read more)
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Joint Account Warning… Again
Joint accounts can be a convenient way to manage finances with a partner, family member, or business partner. However, it’s important to understand the potential risks and implications of opening a joint account before doing so.
One of the main benefits of a joint account is the ability for both parties to access and manage funds. This can be useful for couples who want to share expenses, parents who want to manage their children’s finances, or business partners who need to access funds for company expenses.
However, joint accounts also come with potential drawbacks. For example, both parties are equally responsible for any activity on the account, including debt and overdrafts. This means that if one party mismanages the account, both parties could suffer negative consequences, including damage to credit scores and financial well-being.
Additionally, if the relationship between the account holders sours, it can be difficult to close or separate funds in a joint account. Disputes over the division of funds can lead to legal battles and strained relationships.
Furthermore, joint accounts can also pose a risk in the event of divorce or death. In the case of divorce, joint accounts are considered marital property and may be subject to division as part of the divorce settlement. In the event of death, the funds in a joint account may not necessarily pass to the surviving account holder, especially if there are other heirs or legal disputes involved.
Given these potential risks, it’s important for individuals considering a joint account to carefully weigh the pros and cons and understand the implications. Communication and trust between account holders are crucial for managing a joint account effectively. It’s also wise to set clear expectations and guidelines for how the account will be managed.
In conclusion, while joint accounts can be a useful tool for managing finances, it’s important to approach them with caution and awareness of potential risks. Before opening a joint account, individuals should thoroughly discuss the implications and seek legal or financial advice if necessary. Ultimately, being informed and prepared can help avoid potential pitfalls and ensure a smooth financial partnership.
I would never have only one bank account.
I do have my son on one of my several bank accounts any is beyond scrupulous so I'm not worried about him.
My sister engineered the sale of mom's home in the last year of her life and money went into joint account. This is the same sister who sent texts in the last few years of her life to my brother, the POA that "mom is mental" . This has completely devastated the family and it is essentially irreoncilable situation now.
My bank recommended a small, separate triple joint checking account. I can move money in and out of that account if necessary, but my daughter isn't co-owner of our main accounts.
A friend of mine put her daughter on her account…$78 thousand dollars. Her daughter bought new furniture and remodeled her home and drained her account…….
Two of my siblings were my mother's POA but one was joint owner on mom's checking and savings. Upon mom's death an estate account was not opened. So now do we have any right to disclosure of my mom's balances at time of death and what has been paid since?
Mom! You should know your child. If you don’t, it’s on you.
Are family free of all burden nobody owns me
It all good
I went to the bank and used power of attorney forms to add myself as power of attorney to my dad’s account. He is 81 and in poor health. How do I know if the bank did it correctly, adding me as an agent rather than a joint owner? I also don’t want to have any liability if he were to get in any kind of legal issue.
Thanks for the clarification. Corrupt and immoral families need to worry about this. After my Father's passing I managed all my Mother's financial assets through "joint". In my mind I never considered any of her assets to be mine in any way. I did NOTHING without her permission.
There is no Fear of God these days: Judgement is coming as current events clearly demonstrate.
The fear of the LORD is the beginning of knowledge: but fools despise wisdom and instruction. Proverbs 1:7
he was playing games, she just took her money out of the bank.
Cynical girl by Marshall Crenshaw . . .
So much BS. Yes. People can take advantage. But most cases the offspring helping the failing parent is necessary. If you cant trust your spouse you need a different spouse.
So what is your solution for a parent with dementia that repeatedly falls for phone scammers??
This vid is all FUD with not one mention of an alternative to address the reasons why a parent would need to add a joint owner.
Shame on the banks for not having a different type of account that can be customizable.
I understand where you are coming from however, I was an owner on my dad’s account. I paid his bills toward the end of his life. My two siblings knew and trusted me. I was able to write a check to pay for my dad’s funeral and other expenses. I was honest to a tee. I gave my brother and sister a complete accounting (every month) of every single cent until 2 years post death. I even bargained the pay-off balance on my dad’s car. All of it was the right move for our family but it may not be for other families.
Also if you put your child as joint owner on any account, bank, home title..ect, if they get married and divorced any thing they are on becomes part of the divorce settlement. You could end up losing your home.
Poorly explained, Subject needs a better explanation and better speaker.
My parents never wanted to add anyone on their bank account. But when my dad die we couldn’t get any of his money to pay for his funeral or any of his bills and taxes due. We had to wait until we got his death certificate, which took months because of co vid. We weren’t able to bury him for months. If one of us would have been on his account we could have been able to get to the money right away and have his funeral and pay his bill which keep coming even though he was dead, pay taxes on his house. Even as you say to be a power of attorney on his account, that ends the min. he dies.
Please discuss dangers of joint signing on bank accounts, investments when husband or wife have dementia.