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July 11, 2016

Can I add my daughter’s or son’s name to my bank account instead of having a power of attorney?

by Aubrey Harry Ducker Jr. in
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Many people choose to do their estate planning by simply adding names to assets. Bank accounts are one of those assets that will pass outside of probate to the other person named on the account. Placing your son or daughter’s name on your bank account does give them rights to it today. It’s not limited to your incapacity or after you pass, so be very careful when choosing this technique for your estate planning needs.