New York Estate Planning & Elder Law Blog
There comes a time in many people’s lives when their adult children begin to help out with daily tasks. For some people this includes writing checks and paying bills. Many people begin to wonder if they should take steps to make being taken care of easier for their caregivers. In these cases, the question arises “why not just add your adult child to your bank account?”.
The Pros
The most obvious and powerful positive for adding an adult child to your bank account is ease of access. As joint owner, your child will be able to access funds from the account in order to assist you with bill paying and other financial matters.