WHAT IS THE ADVANTAGE OF HAVING A POWER OF ATTORNEY RATHER THAN SIMPLY OPENING A JOINT BANK ACCOUNT WITH MY CHILD SO HE CAN PAY MY BILLS?
Although a joint account with the right of survivorship gives your child the ability to pay your bills, upon your death the entire value of the account will go directly to that child. Your other children, if any, will have no claim to that money. If the account was opened merely as a convenience to you, it may not be your intent to give the joint owner the balance in the account upon your death. The advantage of naming your child as your agent with a power of attorney rather than putting him on your account is that the money in your account remains in your estate and is subject to the wishes expressed in your will.
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