The Benefits of Sharing a Bank Account With Your Parents

Opening a joint account provides a way to monitor an older person's finances.

- ELLA VINCENT

ACCORDING to the National Institute on Aging, 6 million Americans age 65 and older are living with Alzheimer’s disease. If dementia or other health issues prevent an elderly parent from paying their bills or monitoring their financial accounts, opening a joint bank account could help you protect them from fraud and manage their money.

Most banks will allow you to become a joint owner on a parent’s existing bank account. Otherwise, you may choose to open a new account. With brickand-mortar banks, you’ll usually need to go to a branch and fill out an application. Bring identification, including a governmentissued ID that shows your full name and your birth date, as well as proof of address, such as a utility bill or credit card statement. If your parent is physically or mentally incapacitated and unable to apply in person, your bank may allow you to apply online, says Greg McBride, chief financial analyst at Bankrate.