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That said, experts highly advise against it.
However, this decision carries significant risks that can undermine financial security and family harmony.
Below are some reasons to add your adult kids to your bank account andwhy you still shouldnt.
Yet, this approach can lead to unintended consequences that may jeopardize the parents economic well-being.
This means they can withdraw money without the parents consent, potentially draining the account, Salahi said.
Joint bank accountsprovide the co-owner full access to withdraw funds for any purpose, she said.
She added that once funds are withdrawn, they can be difficult to recover.
Marty Burbank, estate planning attorney and owner ofOC Elder Law, has observed the same.
Proper planning achieves a balance ofaccess and protection, he said.
My clients have given children limited power over accounts during incapacity but prevented assuming full control or ownership.
This approach, he explained, provides for childrens well-being without compromising financial security.
There are good reasons to want childrens help, but safeguarding accounts must remain the priority.
For smaller amounts, she agreed that children can be added as account representatives with limited access.
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