Wednesday, June 18, 2014
The pros and cons of joint accounts
Posted by Lynne Butler
I'm attaching an article by Gail Bebee of www.morningstar.ca, which talks about joint accounts. My concern is always the estate planning consequences, but in this article Ms. Bebee covers other scenarios as well. Click here to read the article.
The article concludes with a quote from yours truly about the use of a power of attorney rather than adding a child as a joint owner to your account. I cannot say strongly enough that more parents need to do this rather than creating the financial, emotional, and mental stresses that can arise from adding your kids to your accounts.