We occasionally hear from clients who are considering setting up a joint bank account with an aging parent, sibling, or friend. As with most financial decisions, there are potential benefits and potential pitfalls to be aware of. One question you may wish to consider: You may trust your joint owner to act on your behalf, but are you financially at risk in case of their divorce or litigation related to accidents or injuries they may cause?
The Center for Elder Law & Justice has prepared the below article with additional information on joint accounts, Powers of Attorneys, and more. Please contact your attorney for specific personal advice in your state.