There are advantages and disadvantages to having joint bank accounts.
Advantages of joint bank accounts:
Allows for rights of survivorship (the remaining account holder retains ownership in the event of a death)
Permits money to pass outside a person’s estate to the joint account holder, avoiding the need for probate
Does not become part of the deceased’s estate
Permits adult children or a Power of Attorney to assist elderly family members with their finances
Disadvantages of joint bank accounts:
In the case of an adult child on an elderly parent’s account, it is presumed that they are acting under a POA and the funds should become part of the estate
Lack of privacy
Shared liability in the case of debts
Breakdown in a relationship could lead to issues managing the funds.