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Many consider adding an adult child as a joint holder on their bank account or property title as an effective way to simplify estate administration and reduce estate administration costs. While this approach has its advantages, it can also bring unintended consequences if not executed properly. 1️⃣ Once your child is listed as a joint holder on your bank account or property title, they may be presumed as a co-owner. This presumption carries potential implications that can affect you. 2️⃣ Adding your child as a joint holder to your bank account can also lead to ambiguity after your passing, so it's essential to clearly outline your intentions for the account. 3️⃣ For properties beyond your primary residence, changing title holders can potentially trigger unintended capital gains tax. If it’s your primary residence, but not your child’s, there could be income tax consequences in the future. Considering adjustments to property titles or adding children as joint holders to bank accounts? Estate planning demands careful thought, and professional guidance can facilitate a smooth execution of your intentions, reducing potential risks.