Joint account with daughter

[Pleasedontdothat]

I’d like to set up a joint account with my daughter (21) from which to pay household bills etc. The reason is my husband died very unexpectedly last year and although he left an unplanned financial mess at least I was able to access the money in our joint account which made things slightly easier. I’m now paranoid about leaving my young adult dc with a similar financial mess if anything unexpected were to happen to me. I’ve redone my will with two sensible executors, set up LPAs and a trust for my younger son with ASD as he would not be able to manage an inheritance. Is it sensible/possible to open a joint account with dd? She’s just started out as self-employed - are banks happy to have joint accounts like this and if so would any be better to approach?

I have a joint account with my daughter with First Direct. It was very simple to set up.

I'm setting one up with my ds.

He gets funding for his sport to be spenT in it.

Has asd too and needs support manage the full executive function side of managing money.

So I've been doing it but I'd like him to see what's going in and out and have access to it.

I have a joint account with an older relative (I'm also named on their LPA). We just leave £10k in it so that if there is a delay in triggering the LPA I can still cover bills, buy whatever she needs and generally keep things running.

Perfect thank you - good to know it’s a recognised thing

I’m sorry for your loss.

One thing to bear in mind is that your daughter will be the joint owner of any money in that joint account. This means that she could withdraw/spend the whole lot and there’s nothing you could do about it. It also means that any money in the account will be counted as hers which could affect her applying for benefits or anything else means tested. Also, if she got married in the future and then divorced the money in the joint account would need to be factored into any settlement so could end up having to be shared with her ex.

Only you know how likely any of those scenarios are but just some things to consider!

This is sensible caution. Perhaps better to open a savings account with “emergency funds” in it to help tide your kids over while they are sorting out your estate when you go

Bear in mine that your credit histories will likely show a joint application meaning a financial association which will mean they will score both of you differently. At the moment you are scored separately like housemates.
If you go for a basic bank account you can check the terms and conditions as to whether they will link you.
It may not be an issue for you but something to be aware of.