10/01/2026
Things to know………
🏦 A lot of families add one child to a parent's checking account so someone can pay the bills. It feels like a convenience. The bank treats it as ownership.
When the parent dies, a joint account with survivorship rights goes straight to the child whose name is on it. The will doesn't get a say, even if it splits everything equally.
That leaves the other siblings depending on one person's goodwill. If that child hands out shares later, those payments can count as gifts from that child.
There's a cleaner setup for the same goal. A durable power of attorney lets a trusted child handle the bills while the money stays yours. A POD beneficiary designation at the bank sends the account to every child you name when you die, without probate.
If a parent added a child years ago, call the bank and ask how the account is titled. Some banks list a child as an authorized signer rather than an owner, and that works differently.
P.S. Once a week, I email the best money article I read, with my take on this week's top Facebook posts and what's new on the Ways to Wealth blog. It's free, and you can sign up on the Ways to Wealth home page.
R.J. Weiss, CFP®
The content shared here is for educational and informational purposes only. It is not personalized investment, tax, legal, or financial advice. Consult a licensed professional before making decisions based on your specific situation.
