Reasons not to do it, part 2

We previously posted an item providing several reasons not to add children as joint tenants on real estate as a probate avoidance technique. Recently we heard of an incident that raises a similar issue when it comes to bank accounts.

Elderly dad, age 84, placed his son's name on his checking acct for convenience. Recently, when he checked his account, he found that the State had swooped in and withdrawn a substantial amount of his money because of son's child support arrearage.

There are ways to avoid this result, with proper planning, if it is desired to have a child or other family member have access to an account for convenience. This scenario underscores the point that you should not "go it alone," without professional advice and guidance.