Why don’t I just put my children’s name on everything?
Having another person’s name does make it easier for them to pay the bills and manage money for you. BUT they have complete access to your money. As a joint owner, they have the right to use the money for their own purposes.
WORSE their creditors have access to your money.
A safer strategy is to setup a Durable Power of Attorney naming them as your agent. If you aren’t able to manage your finances anymore, then they can take the Durable Power of Attorney to the bank and be able to pay your bills.
Even if you have a Trust, you still need a Durable Power of Attorney. There are powers that can’t be granted in a Trust, such as suing for you, dealing with insurance, and managing assets that are not in your trust.
You can rest assured that somebody will be there to help, and your money is not exposed to their creditors and possible lawsuit judgments.