Owning assets jointly with children
Frequently elder people will add another name to all of their financial accounts “in case something happens to them.”
The problems with putting someone else’s name as a co-owner of your property are multiple.
1.Upon the original owner’s death, the joint owner owns the property outright – regardless of what the will says.
2.A new joint owner, such as your daughter, may expose the assets to risk from a divorce or a lawsuit. Just because she is younger does not make her exempt from risk that may harm the asset.
--John P. Napolitano, Tailoring Strategies to Manage Your Financial Future, Braintree, Mass., 02184, 781-849-9200 x239, firstname.lastname@example.org