Can I open a joint bank account with my niece?

Can I open a joint bank account with my niece?

Yes, even though you aren’t her parent, you can set up a custodial account or a 529 for your niece, but you’ll have to wait until she is born and has a Social Security number before you can open the account in her name.

What happens if a parent has a joint bank account?

A joint bank account carries some legal risks for parents and children, Colorado attorney Catherine Seal says. These legal consequences vary by state and can cause financial hardships. Creditors of either owner can use the account to satisfy debts. An account can be drained if the parent or child has unpaid debts. Siblings could be disinherited.

What to do if your brother is on your mother’s bank account?

The joint account is presumed to be owned by the surviving owner. You can try to overcome that presumption in probate court by evidence that he was added to the account for her convenience in his assisting with her financial affairs. You should act quickly getting a probate estate opened and asking the court to order the bank account frozen.

Is it illegal for a brother to own a joint bank account?

The joint account is not illegal. Your brother would own that account but others in the family might wonder if mother was unduly influenced by your brother. * This will flag comments for moderators to take action.

Can a joint account be divided between siblings?

Ask a lawyer – it’s free! You have received some good answers already. Legally, the money in a joint account would be solely yours so you have no obligation to divide it amongst the siblings. Should you wish to do so it is voluntary, and you certainly can do so. You’re legally making a gift of your own money.

A joint bank account carries some legal risks for parents and children, Colorado attorney Catherine Seal says. These legal consequences vary by state and can cause financial hardships. Creditors of either owner can use the account to satisfy debts. An account can be drained if the parent or child has unpaid debts. Siblings could be disinherited.

The joint account is presumed to be owned by the surviving owner. You can try to overcome that presumption in probate court by evidence that he was added to the account for her convenience in his assisting with her financial affairs. You should act quickly getting a probate estate opened and asking the court to order the bank account frozen.

The joint account is not illegal. Your brother would own that account but others in the family might wonder if mother was unduly influenced by your brother. * This will flag comments for moderators to take action.

Ask a lawyer – it’s free! You have received some good answers already. Legally, the money in a joint account would be solely yours so you have no obligation to divide it amongst the siblings. Should you wish to do so it is voluntary, and you certainly can do so. You’re legally making a gift of your own money.