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There are reasons for it, such if Colt was trying to hide assets for the lawsuit, but then it wouldn't make sense to put his name on the account. He might also not even be a co-owner of the account. He could be listed on his mom's account as Power of Attorney, which would give him full authority to act on her behalf over the account. He could also be listed as a beneficiary/Payable on Death, which would not give him any control of the account until his mother's passing.
None of that is either uncommon or implies what Phil is wanting it to, that it is a flaw of Colt's to be mocked.
Phil is probably the kind of guy who has all sole owned accounts separate from his wife. If he doesn't have a proper will, his assets would be tied up in probate, which by the way is far more irresponsible for an adult than having a joint bank account with a trusted family member.
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