{"id":5770,"date":"2016-11-21T18:33:30","date_gmt":"2016-11-21T18:33:30","guid":{"rendered":"http:\/\/www.racinelaw.net\/?p=5770"},"modified":"2016-11-21T18:33:30","modified_gmt":"2016-11-21T18:33:30","slug":"dont-put-children-checking-account","status":"publish","type":"post","link":"https:\/\/www.racinelaw.net\/blog\/dont-put-children-checking-account\/","title":{"rendered":"Don\u2019t Put Your Children on Your Checking Account"},"content":{"rendered":"

By Lane V. Erickson, Attorney<\/a><\/p>\n

I’ve come to understand that my estate planning clients are always well-meaning, but often make mistakes in their estate planning simply because they don’t understand the legal effect of their actions. One of the areas that I find is often a concern is when an older parent puts a child\u2019s name as a co-owner on their banking accounts.<\/p>\n

Typically this occurs when a person is getting older and they are concerned about their ability to continue paying their bills and doing the financial things that they would normally do with their bank accounts. In this circumstance this older adult will often name one of their adult children as a co-owner on their bank accounts so the child can sign checks for bills and the like. Their reasoning is that by doing this they are assured that their bills will get paid and all of their financial obligations will continue to be met. The problem is, the legal effect of naming a child on your bank account is way different than what you may understand.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

By Lane V. Erickson, Attorney I’ve come to understand that my estate planning clients are always well-meaning, but often make mistakes in their estate planning simply because they don’t understand the legal effect of their actions. One of the areas that I find is often a concern is when an older parent puts a child\u2019s […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24],"tags":[],"class_list":["post-5770","post","type-post","status-publish","format-standard","hentry","category-estate-planning"],"yoast_head":"\nDon\u2019t Put Your Children on Your Checking Account|Racine Olson<\/title>\n<meta name=\"description\" content=\"If you have questions about naming your children as co-owners on your bank accounts, we can help. 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