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Posts tagged "joint account"

Joint Accounts With Children Can Cause Big Family Problems

Sharing The Account With A Designated Child

When Mom or Dad is in failing health, the adult children may think it is a good idea to put one or more of them on the parent's account and make it a joint account. The idea is that the designated child can deposit the parent's income, pay their bills, and divide up the funds in the account between their siblings when Mom or Dad dies.

(Probate Issues 2 of 5) Isn't the Probate Attorney The Lawyer For The Whole Family?

A Very Common Misconception

A common misconception that many Minnesota families have during a probate proceeding is to assume that the lawyer hired by the executor is there to represent all family members.  This is not so.

(Probate Issues 2 of 5) Isn't the Probate Attorney The Lawyer For The Whole Family?

A Very Common Misconception

A common misconception that many Minnesota families have during a probate proceeding is to assume that the lawyer hired by the executor is there to represent all family members. This is not so.

Joint Account To Pay For Moms Care

Daughter Is Put On Elderly Mom's Bank Account

Putting a sibling's name on Mom's bank account can be a very bad idea. The solution seemed simple, as Mom was in poor physical and mental health. Daughter Amy was put on as a joint owner on Mom's $300,000 account. Amy's three brothers thought it was a good plan so that Mom's bills could be paid and her medical needs could be taken care of.

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