Is it a good idea to add a child’s name to my bank accounts? Never! Putting any other person’s name—as an owner—on anything you own carries with it great risk for you caused by the other person’s problems, such as that other person getting involved in a divorce, lawsuit or bankruptcy. There are better methods of insuring that someone else can handle your affairs if you are out of town or incapacitated. Check with your estate planning attorney on this very important topic.
-Attorney Jack N. Alpern