I have a client that is in her late 50’s and a widow. Recently, she gave me a check made out to an investment company to add to her account and I noticed that the names on the account were hers and her 28 year old son. I told her that her next stop from my office needed to be at her bank. She has to remove his name as a co-owner of the account right away. I told her she could add him as a signer on her account, and she should add the “Payable on death” designation to the account.
Here is the reason you do not want to be joint owners on any financial accounts with your kids:
If her son had caused an accident and was sued, her assets may be subject to the suit and taken for a settlement.
If her son were to walk from a debt, she may be held liable.
If her son suffers a catastrophic illness and racks up huge medical bills, she could be on the hook for those bills.
I know my client just wanted someone to have access to her account in an emergency and she now knows there is a better way to accomplish that.

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