Allow time for yourself. A checking account eases bill paying and leaves a record of spending. Consider the following before setting up a checking account. A joint checking account provides an easy way to sign checks and pay family member s bills. The relative will still have a sense of control, especially if he or she keeps the checkbook, while a trusted relative or friend provides for the owner s welfare.
Joint accounts are easy to set up.
Since the adult chooses the person who writes the checks and has access to their money, the adult is less likely to be abused financially. If the account is owned jointly with right of survivorship, at death funds pass to the survivor and are not subject to probate. However, joint accounts can bring problems. If the fragile adult becomes incapacitated, he or she will lose control of the account. A co-owner s creditors might be able to get to the money in the account.