Did you know that joint ownership, while convenient, can expose you to unnecessarily liability? It’s true! I often discover that well-meaning clients have added a child or sibling on to a bank account as a joint owner to enable that person to assist her/him with financial matters. Unfortunately, adding a non-spouse on to a bank account isn’t a great idea for many reasons. There’s a better way! Appointing a financial power of attorney and using the payable on death forms offered by most financial institutions allows a person to assist you with financial affairs but avoids the increased liability.