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Stupid Joint Account Idea

Question: 
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?
Answer: 

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?

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

First published on 03/15/2020

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