Can I add my son or daughters name to my bank account instead of having a General Durable Power of Attorney?
You can create a joint account with a child or other relative, which would then give him or her power to make withdrawals and write checks on your accounts. However, you should carefully consider the real possibility of future problems with this arrangement. Joint tenants have been known to withdraw large sums from accounts for their own use, not the principals benefit. The joint account is subject to attachment by creditors of the joint account holder, and may affect eligibility for Medicaid. You may also run into resistance from the joint tenant if you want the bank account back in your name alone. Additionally, if you die the presumption is that the money in the joint account would belong to the joint tenant, which may not be what you intended.
