Should they go into assisted living and the checking account is depleted, Am I legally responsible as my name is on this account?

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Sharkmor, your parents are responsible for paying their own bills.

Usually the financial Power of Attorney takes over the bill paying if your parents are no longer able to do so or are ready to give the job to someone else.

Is your name on a card at the bank saying you can write checks for your parents? If yes, then that is all your responsibility would be for the checking account, to write the checks, unless your parents had appointed someone else to be Power of Attorney, then that person's name would be placed on the checks along with your parent's name.

When the account becomes depleted, then the checking should be closed so that no fees are attached to the account. Where does your parents social security and pension [if any] are deposited?

Curious, how would your parents pay for Assisted Living as that is usually self-pay. If your parents cannot be self-pay then they usually would go into a nursing home, then they can apply for Medicaid [which is different from Medicare] and Medicaid will pay for their room/board and care.
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