Pros and Cons of Adding an Adult Child to a Bank Account: A Guide for Pensacola Seniors
Are you a senior who is contemplating adding an adult child to your bank account to help manage your finances? It may seem like an easy solution for getting assistance with bill payments, but it's crucial to weigh the pros and cons before taking action. Our Pensacola elder law attorneys are here to guide you through this decision.
The Benefits of Adding an Adult Child to Your Bank Account
Meet Mrs. Jenkins
Mrs. Jenkins, a 78-year-old widow, struggles with managing her finances due to her declining eyesight. She adds her son, John, to her bank account. This allows John to conveniently handle her bill payments, manage her investments, and ensure that her financial needs are being met.
However, adding an adult child to a bank account isn't without potential pitfalls.
Potential Drawbacks of Adding an Adult Child to Your Bank Account
The Unintended Consequences Mrs. Jenkins Faced
After Mrs. Jenkins added her son to her bank accounts, the pandemic occurred. His relatively new business venture failed, and his creditors turned to his personal assets, including his mother’s bank account, to recoup their losses. Mrs. Jenkin’s funds were unexpectedly drained, causing financial distress for all parties.
Before making the decision to add an adult child to your bank account for assistance with account management, it's crucial to consider these pros and cons. There may be other, less risky ways to accomplish your goals, such as setting up a power of attorney or creating a revocable living trust.
Our Pensacola elder law attorneys can provide advice tailored to your unique situation, ensuring you make a decision that best protects your assets and your family's future. Contact our Pensacola law firm at 850-607-2222 or 855-ELDER-LAW and we’ll help you navigate this complex decision.
Pros and Cons of Adding an Adult Child to a Bank Account: A Guide for Pensacola Seniors