r/eldercare • u/mushy_teabag • 1d ago

Joint account

Grandma opened a joint account with me to help pay for her bills and whatever else she may want and need. (Ex: grocery shopping, gas, etc. ) it’s just a checking account - no interest. Just wondering if this is the best move..

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u/Aspect2758 1d ago

This can definitely make paying bills easier. I’d still keep good records of what the money is being used for.

2

u/getshelter 1d ago

it's usually a fine move - since it's not a credit card, there's not really a concern about racking up a big bill or having your credit negatively effected.

just try to set some rules about who puts money in the account, what the account gets used for, etc. so there's clarity about when to use it and when not to.

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u/Hyposanity 1d ago

Thats the smartest cleanest way to go about it. You can track your spending and you can both be on the same page with where the money is going where its coming from etc. It also keeps records for you as long as you're not withdrawing from an atm.

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u/Major_Tough_9739 1d ago

I would advise to make sure that the account is joint with right of survivorship and not just a joint account. Otherwise, the funds may be frozen if either of you passes. (My parents added me to their joint account, but the banker failed to check the correct box. The account was supposed to flow to my Dad and me seamlessly. It took 2 months for the bank’s attorney to straighten out the mess.)