Your child co-owns your bank account

29 Nov 2023 · 1 min

Watch on YouTube

0:40

In this short video, Jerry Taylor warns viewers against adding a child or another person as a joint owner on a bank account for convenience. He explains that the added person becomes a full legal co-owner, granting them unrestricted rights to withdraw all funds. Consequently, the account’s assets become vulnerable to the co-owner’s personal legal issues, such as divorce, lawsuits, or bankruptcy, which could result in the money being claimed by ex‑spouses, creditors, or bankruptcy courts. Taylor emphasizes the importance of understanding these risks before making a joint‑ownership decision and concludes by promoting his newsletter and consulting services via his Linktree.

Chapters

A lot of you want to add one of your children to your bank accounts, or maybe some other person, just to make things easier if something happens to you. If you do that, you need to remember these things. Whoever you add to your account owns everything in that account just as much as you do. They can take everything out of that account and there is nothing you can do about it. There's no 50/50. They own it all. And if they get into a divorce, their ex-spouse may take it. If they get sued, the person who sues them can take it. If they go bankrupt, corrupt, bankruptcy court can take it. Just know what you're getting into. You can get my newsletter and you can work with me by going to my Linktree.