I opened an account for all my children and my name is on every account with theirs. Now they are adults. What are the pros and cons of keeping my name on the account? I am thinking I should take my name off their accounts since they are 21 years old now.
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If those adult children were true joint owners of their accounts, they can remove your name simply by closing the account and reopening it with individual ownership. If the accounts were yours, naming each of your children as beneficiaries (to be paid on your death), it will be up to you to close the accounts and send your children their funds if you want them to have their money now. If the accounts were set up naming you as custodian for your children under the Uniform Transfers (or Gifts) to Minors Act, it is your legal responsibility to transfer the funds to each child now that each is entitled to the money. Contact the bank or banks holding the accounts for further guidance.
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If those adult children were true joint owners of their accounts, they can remove your name simply by closing the account and reopening it with individual ownership. If the accounts were yours, naming each of your children as 