One thing that you need to be aware is, if you put your children on as a joint owner on your bank account, if your child gets into a car accident and is sued, their creditor could potentially come after your account because their name is on it. Also, if your child is a joint owner on the bank account and you pass away, then that child, as the joint owner, will own everything in the account, and they may not want to share with their brothers and sisters. And I have seen that in my office, and that probably isn't your intention. So, I don't recommend that you put children on your bank accounts.

                    

The number one reason I see clients do it is because they think, "Well, if I get sick, then my children are going to need to be able to get to my bank account to pay the bills." The solution is to get a durable power of attorney at an attorney's office and name your children as your agent on the power of attorney, and it will say that if something happens to you, then they will be able to access your bank account to pay your bills.

                    

This enables you to take care of the situation if you become ill and at the same time avoid your children's creditors and make sure that if you do pass away that your bank account can be controlled by your will.