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Both are incapacitated.

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It means you can write checks on their behalf and sign your name to them.
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Murrdog1 Apr 2022
What happens if they both pass?
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Joint accounts are held jointly. That means they are equally held. If it is a joint account with both signatures required for withdrawal then that is the way it is. If it is joint account with either signature, then that money can be moved, removed, by any who are on the account. As your parent is incapacitated that is unlikely. HOWEVER most joint accounts pose a problem of "co-mingling" accounts. If your parent's Social Security checks go in here, and it is recognized that this money is co mingled it could represent a problem should your parents ever need medicaid. There is no way to tell whose money this is.
Who current pays IRS for any interest on the account?
That is the primary account holder.
You should see an elder law attorney as this is the worst way to hold money for your parents and pay their bills. The account could be frozen for suspicious activity; just about anything can happen.
If you are POA for your parents or paying bills them you should have your own account for your own funds, your parents should have their own account for theirs with you as POA to write checks as POA, and with you POD (pay on death) as joint survivor.
As none of this was done while your parents were competent you should ask the Elder Law Attorney how to proceed. You may need to get guardianship if you don't have it or conservatorship.
Whatever you do you should do it legally.
For financial, legal, medical advise do know that you should contact experts in YOUR STATE and in that field. A forum may have a lot of people doing things one way and a lot doing it another, but you need to do it the legal way in your own State.
Best out to you. Don't make changes without good legal advice on whether you A) need to make changes
B) what changes you need to make.
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Murrdog1, when my Dad no longer wanted to deal with writing checks, he had me placed on his checking account. Thus I would write checks from his account to pay whatever bill needed to be paid. I was Dad's financial Power of Attorney and the bank scanned a copy of said document.

Once he passed, I need to transfer said monies into an Estate account which was used to pay any late coming bills, etc.

I could not take the money as my own until after Probate, and only if that was Dad's wishes in his Will.
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