What are alternatives to joint bank accounts?

While joint bank accounts can be a convenient and appropriate way for some individuals to title their bank accounts, joint ownership is not the best option for others. There are alternatives to joint accounts that can allow a trusted individual to have access to and properly manage your assets while you are alive.

One alternative to joint accounts is a durable power of attorney (DPOA). By signing a DPOA and filing it with the institutions where your accounts are held, your agent that you appoint in the DPOA can manage your finances for you, within the scope of your DPOA document. Your agent can still write checks and make withdrawals without your permission but they are legally obligated to make decisions in your best interest.

If your goal is to transfer the account to someone after your death without going through the probate process, then you can designate beneficiaries. The money from your accounts will pass directly to the individuals you designated without involving them in ownership while you are alive.

To review the title of your assets and whether it is consistent with your estate planning, contact our office at (941) 906-1231 to schedule an appointment with one of our attorneys.