The Dangers of Joint Bank Accounts
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Emily, 67, is seriously thinking about adding her adult daughter, Katie, as joint owner of her bank account. She is considering this because she wants to ensure that Katie would have easy access to her money in case of an emergency.
Adding a family member to a bank account seems like it might not be such a bad idea given Emily’s goals. But anyone considering doing so should be aware that simply making someone the joint owner of a bank account can have quite serious and negative unintended consequences — and it’s usually not the best solution, as I will explain.
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