Kids on bank accounts

15 May 2026 · 1 min

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In this brief monologue, Jerry Taylor advises parents against adding their children to their bank accounts. He explains that while some view this as a convenient way to avoid probate or give kids easy access to funds, it can expose both parent and child to serious financial risks. He outlines three main hazards: (1) a creditor who obtains a judgment against the child can garnish the entire account; (2) in the event of the child's divorce, a former spouse may claim a portion of the account as part of a property settlement; and (3) legal judgments from lawsuits involving the child (e.g., a car accident) can be satisfied using the full account balance. Taylor concludes that placing a child on a parent’s account is a terrible idea due to these potential liabilities.

Chapters

Do not put your kids on your bank accounts. I get so many comments from people suggesting that this is a good idea and a way to get around probate and for the kid to have access to funds. This can seem like a quick, easy, cheap way to handle things, but it can have extremely negative consequences for both the parent and the child. Your child's liabilities. If your child gets into trouble with a creditor and that creditor gets a judgment against them, they can garnish your account for the entire amount. Your child's divorce. If your child gets married and divorced, that spouse may have a right under a property settlement to part of your bank account. Next, legal judgments against your child. If your child gets into a lawsuit as a result of a car accident and a judgment is entered against your child, the entire amount of that bank account could go to satisfy the judgment. Putting your child on your bank account is a terrible idea.