By Nathan Vinson
Attorney, ELPO Law
It’s a fairly simple act to add someone as a second account holder on a bank account. Usually, a visit to the bank with both persons and signing a few pieces of paperwork is all it takes. We often see clients add an adult child as a co-owner of a bank account, thinking this will make things easier for them should the child ever need to pay bills on their behalf.
There’s a problem, though, with adding someone as an equal account holder. Upon your death, the survivor can keep all of the money in that account. It bypasses probate and does not become part of the estate.