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Joint Bank Accounts
Are Joint Bank Accounts Good or Bad?
It depends!
Estate Planning
Joint bank accounts can be good from an estate planning perspective. Upon the death of one of the joint owners, the funds in the account automatically pass to the surviving account holder by operation of law.
Bankruptcy
Joint bank accounts can be a problem when it comes to filing bankruptcy. The monies in the joint account are considered fully owned by each person named on the account. Therefore, the joint account holder who files bankruptcy may be required to exempt all funds in the joint bank account, or risk losing a portion of those funds to creditors.
Note: Your specific situation may bring forth additional concerns about, and/or benefits to having a joint bank account. It is always good to get information and/or guidance pertaining to your specific situation.
Attorney in Mineola
The Law Firm of Vaughn, Weber & Prakope, PLLC is here to assist you! Call (516) 858-2620 to schedule an appointment.
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