Can I add my child to my bank account?

0 Comment(s) | Posted | by Cecil Harvell |

 

One of the most important parts of any estate plan is the verification of account designations, beneficiary designations, and similar to "pass on death" designations. What good does it do to divide your estate equally between your three (3) children, but then have your one (1) child on all of your accounts in a manner where they pass to the one (1) child upon your death.  

This happens frequently because we add our one (1) child's name to our accounts thinking it gives them "access" to the account to pay our bills.  The well drafted Power of Attorney is the solution!  It gives your child "access", but it does not title the account upon death in the care giver child's name.  Please contact your lawyer if you have questions on this most important concept.  we will be glad to help you if you live in Morehead City, New Bern and/or Beaufort, North Carolina.

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