Joint Bank Account with Aging Parents: Potential Pitfalls for Your Estate

Many problems arise when an aging and disabled parent places one of their children on their checking account for convenience. This practice creates inequities when the parent passes away. On pay on death (POD) accounts, the remaining balance in the account automatically goes to the designated beneficiary, excluding the other siblings, which may have not been the deceased parent's intention. Therefore, it's crucial to exercise caution and consider the potential consequences before making such a decision.

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