Estate planning question

[David1961]

I have a quick estate planning question. I have heard that it is not a good idea for an elderly person to put a child on his/her banking account? Why is that?

 

[calmloki]

Don't know other reasons, but having the child drain the account before your death or fail to divvie up funds as you would wish comes to mind. I handled my Mom's estate and the accounts i was shown as a joint owner on were the easiest part of the whole estate - there was no event, i just had full rights to do as i wished with those accounts. They weren't large at all, so that may change things in your case...

 

[honobob]

Someone who has a monetary claim against the child can go after YOUR money.

 

[Brat]

The co-signer can claim the residue. It happened with my father's mother account where his sister's name was on her account and caused bad feelings that lasted untill all her children passed.

 

[kcowan]

Normally it is OK but there are issues with divorces, bankruptcy, fairness. For DW as the only child, there was no problem.