Being liable in a joint account with an elderly relative

[monnigblower]

Hello,

My father is quite elderly now and is keen for me to be added to his bank account. The plan is this would allow me to write cheques for food, carers, etc. What would happen though if it went into the red? What with VHI, property tax, possible nursing home care, etc this is a distinct possibility in time. Would I be liable? Obviously I'd prefer not to be. Are there different types of joint accounts (both parties being the same or one party (me) only having signing authority and no liability)?

-M

 

[SoylentGreen]

Could you ask the bank for a "Per Pro" signing authority? You would be signing cheques on his behalf but without any ownership to the account?

 

[monnigblower]

Hi again,

In the end my father and I went to the bank and I was added on as third party signatory. It turned out to be no big deal and I got the feeling it happens a bit. This meant I could sign cheques but wouldn't be affected if it went into debt (which is unlikely). There are restrictions though in that the bank will not send me bank statements but if I motivate myself to organise the internet banking that would be sufficient to at least see the up to date state of affairs. Similarly the first thing we did was organise another cheque book which the bank posted to my father's address and I collected from there sometime later.

-M