Is it ever wise to put another person’s –like one of your children’s—names on your bank accounts, so they can take care of your banking if you become disabled? NO, NO AND NEVER! Putting another person’s name on anything you own as an owner makes that asset completely vulnerable to the other person’s problems (such as lawsuits, divorces, nursing homes, etc.). You could lose the asset in question for a problem that you had nothing to do with. To solve the problem while protecting yourself, you may give a trusted person financial Power of Attorney, which authorizes them to act on your behalf—not as a co-owner of your asset, but as your “agent”—in the event you are unable to function. This important matter should be discussed with your estate planning attorney.
-Attorney Jack N. Alpern