It's all in the name....Part 1
Joint Accounts: Title "the name" to a bank account tells the bank who receives the balance of the account when a joint owner dies. So, if Dad and Daughter are joint owners of an account because Dad needs assistance with handling finances, when Dad dies, Daughter receives the whole balance (as with most legal issues, there are some exceptions). This isn't always what "Dad" wants--sometimes "Dad" wants the balance to be shared among all his children upon his passing. Proper title on accounts is critical for an estate plan.
If your family needs assistance with proper planning, give me a call. We'll get you organized.