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Frequently Asked Questions (FAQs)

Bank Accounts

Should I add my children’s names to title on my bank accounts?

Adding a child’s name to an account as a joint tenant is a very common method for not only avoiding probate but also allowing a child to access your account for your benefit if necessary. But there are risks:

• Your child(ren) will have present access to the account. If you are concerned with a child’s trustworthiness, you should not use joint tenancy.

• A bank account with your child’s name on it is subject to your child’s creditors. If your child has had problems with paying his or her own bills, you should not add that child’s name to title to your bank account.

• The law presumes that when one joint tenant dies, the account belongs entirely to the surviving joint tenant. If you add one’s child’s name to an account, but you expect that your child will apply the account to your expenses on your death, and to then share the remainder with your other children, you need to state that in your will and you need to trust that child will follow your wishes.