You should be on your elderly parents bank account if they approve of it and they trust you with their bank account.
However having a joint bank account with elderly parents is not recommended as it can create some trouble and some kids of elderly parents like to take advantage of the joint bank account and remove money without their knowledge.
Instead what is advised is to become a payable on death benefactor with the bank account.
The bank and a lawyer can help you setup the payable upon death option with the bank account.
This means that while you currently cannot access the funds in the elderly parents bank account you will still have access to the elderly parents bank account upon their death.
If you're the elderly parent or parent don't add your child's name to your bank accounts or stocks or bonds or other property, even if the bank officer suggests that you do so.
The bank officer is not a lawyer.
He or she may be trying to be helpful, but they don't understand all of the bad things about joint accounts.
A durable financial power of attorney is recommended, since it remains in effect even if the parent is incapacitated.
An aging parent can add a “payable on death” provision to bank accounts, according to Legacy Assurance.
This ensures their money will bypass probate and be paid directly to beneficiaries.
A secondary signer sometimes referred to as an “authorized signer” or a “convenience signer” is a person who has access to a bank account without having ownership of it.
Having a signer on your account can be helpful if you need help managing your finances particularly if you become ill or incapacitated.
Although the money in your savings account doesn't affect your eligibility to receive Social Security retirement benefits, money you make after you begin receiving Social Security benefits might.
Your benefits won't be reduced based on your earned income after your full retirement age.