According to the National Institute on Aging, six million Americans age 65 and older are living with Alzheimer’s disease. If dementia or other health issues prevent an elderly parent from paying their bills or monitoring their financial accounts, opening a joint bank account could help you protect them from fraud and manage their money.
Most banks will allow you to become a joint owner on a parent’s existing bank account. Otherwise, you may choose to open a new account. With brick-and-mortar banks, you’ll usually need to go to a branch and fill out an application. Bring identification, including a government-issued ID that shows your full name and your birth date, as well as proof of address, such as a utility bill or credit card statement.
