Myth: If I need help paying my bills, I can just add my child to my bank account. Nothing bad will happen. 

False. When you add a child or anyone else to your bank account, you are making that person a co-owner of the account. Your child can pay bills using the money in your bank account, but your child can also use the money for any other purpose. This is because your child now co-owns the account. 

In addition, because the bank account would be deemed owned by your child, it would be susceptible to division in a divorce, seizure in a lawsuit, and theft by a predator. 

 Myth: Giving someone the power to manage my finances means I am giving up control. 

 False. If you name someone as an agent or attorney-in-fact under a financial power of attorney, you allow that person to handle the types of financial transactions that are listed in the document. However, just because your agent can handle these matters does not mean that you cannot also handle them. The only reason you would not be able to manage your own financial affairs is if you were mentally unable to (otherwise referred to as being incapacitated).  

 If you are interested in learning more about the safeguards we can put in place to protect you and your family, call our office at (805) 518-9633 or click here to schedule a {Free} 15-Minute Phone Call.  As an added convenience for our clients, we are available to hold our meetings through video conferencing or by phone. 

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