Adding someone to your account will give them the power to manage the account in full. They will also legally own everything in the account. For that reason, you should choose a person who is very close to you and whom you trust. You may either add someone to the account you already have open or open a new joint account. This can be done in-person or, in some cases, online. The person you choose to add to your account may be required to provide their personal information to the bank electronically or in-person.
Your bank may also provide an option to allow you to add a trusted person to your account, not as a full joint owner, but with more limited rights. In such a case, the added person may have less power over your account and money than a joint owner would and can only take limited actions. Contact your bank for additional details about creating a joint account or adding a person to an account in a more limited capacity to ensure you understand your options and the access rights you would be giving.
Be aware that:
- If you die, the other person may get all of the money.
- The other person has full access to your money and may be able to use or withdraw any of it;
- The account could be taken by the other person’s creditors; and