The Top Five Issues With Jointly-Titled Assets

It’s a common misconception by many parents that adding a child to their bank account is a good idea, when it comes to assisting with financial issues, for example.  However, as a recent Forbes magazine article points out, there are major problems that come with jointly-titled assets.  Here are The Top Five Issues With Jointly-Titled Assets:

  1. Creditors – Jointly-titled assets are subject to the child’s creditors which may try to come after some, if not all, of the assets.
  2. Divorce – Jointly-titled assets may become fair game to an ex if the child becomes divorced.
  3. Borrowing – Jointly-titled assets can be susceptible to “borrowing” by the child.
  4. Ownership – Jointly-titled assets are owned outright by the child upon parent’s death, disinheriting other children.
  5. Family Feuds – Jointly-titled assets frequently lead to avoidable family disputes.
A seasoned estate planner can help you to establish the best way to manage your financial accounts should you become physically or mentally unable to do so - one that protects your assets and lessens the likelihood for family disputes.
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