Money Management

Should your Adult Child be Co-Signer on your Bank Account?

At one time or another, many seniors consider adding a child as a co-signer on his or her bank account. Whether that is wise depends on a common understanding of why the senior is adding the child, and the child’s integrity. For example, most bank accounts are owned as joint tenants with rights of survivorship. That means, if you add the child as a co-owner, the bank account probably passes outside of probate and is not distributed pursuant to the terms in your Will. If the child does not get along with your other children, the result can be that your estate is not distributed as intended. The following ACTEC video discusses whether adding your child to your bank account makes sense.

Published by
David McGuffey

Recent Posts

Social Security Disability versus Veteran’s Disability

The word disability doesn't have the same meaning in all contexts. If you have a…

21 hours ago

Social Security Announces 2.5 Percent Benefit Increase for 2025

On October 10, 2024, the Social Security Administration announced that Americans will increase a 2.5…

4 weeks ago

Getting Organized

Many people think that estate planning is just having documents prepared. They have a lawyer…

4 weeks ago

Beneficiary who accepted inheritance under Will could not bring action for tortious interference

In Chambers v. Edwards, 365 Ga. App. 482 (2022), William Chambers sued his sister, Kathy…

1 month ago

Medicaid’s payment of medical bills does not bar recovery from negligent party

When an injured party sues someone who negligently injured him or her, one form of…

1 month ago

Market Observations from David Hultstrom

From time to time we re-post David Hultstrom's Financial Foundations. Mr. Hultstrom, who is a…

1 month ago