When an aging parent needs help managing their finances, a common solution is to add an adult child to their bank account. This seems like a simple and practical solution. The arrangement allows the child to easily pay bills and monitor for fraud on their parent’s behalf. Many people also incorrectly believe it’s a simple way to avoid probate. However, this convenient setup is a legal and emotional time bomb. In fact, joint accounts frequently cause devastating inheritance disputes. These can lead to bitter family feuds that last for a generation.
Here’s why this common practice can be so destructive to family harmony.
