Can I add my daughter’s or son’s name to my bank account instead of having a power of attorney?
Adding a family member to your assets opens that asset up to the creditors of the person that you’re adding. For example, you add a son to your bank account. If he has a bad time in life and his creditors are going after him, that asset that you’ve just added him to becomes subject to creditor pullback, and that creditor can obtain it. It’s not a good idea to add somebody as a joint owner of an account. It’s better to do it through a durable power of attorney so they have access to the bank account for your benefit. Then you can also add them as the beneficiary upon your death. Then the asset goes to that particular person that you wanted. It is not generally recommended to add children to your bank accounts.