Skip to content

Stupid Joint Account Idea

We set up an account today for a young widow. She wanted it to be a joint account between her and her little boy (he’s 4), in case anything happened to her. Problem?

YES!!! The kid doesn’t have the legal capacity to enter into a joint account. What happens when he wants to write a check or make a withdrawal (as soon as he figures out he is supposed to be a joint owner)? What do you do if mom dies next week? Who can touch those funds?

Learn more about Mary Beth Guard’s webinar So You’re New to New Accounts?

First published on 03/15/2020

Filed under: 

Banker Store View All

From training, policies, forms, and publications, to office products and occasional gifts, it’s available here:

Banker Store

hot right now

image description

Looking for effective, convenient training on a particular subject?

BOL Learning Connect offers more than 200 courses ON-DEMAND or on CD ROM from AML to Reg Z and every topic in between.

Search Topics