Since you can sign on the account, you do need to report it on your Foreign Bank Account Report (FBAR/FinCEN 114) if the highest daily value of the account is $10,000 or more during the tax year.
There is no way to really avoid it if have control of the assets, even though they may not fully belong to you.
There is no tax due with the filing of the FBAR report. It is an information report only.
However, if the account pays interest you need to report your share of interest income (if any) on your tax return.
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