Posted by Philippa Barton | Partner
On 28th September 2018
It is quite common for the elderly and incapacitated to add a third party to their bank accounts so that someone can help them with their finances. They may appoint one of their adult children, because that person happens to live locally and visits often. They may appoint a friend, neighbour or carer.
They believe that they are simply adding a name to their account but the reality is that they are changing their sole account to a joint account. What they may not realise is that on death any money held in a joint account passes automatically to the joint owner whether you intended this to happen or not.