Background: I learned recently that multiple account holders on a bank account keep that account out of probate if one person dies. Or, in other words, if one person dies then the other account holders (such as children) keep the account funds–creditors have no claim.
Note: I saw a news story today where a state was going after a couple's assets (home, accounts, etc.) to cover a fine. A huge fine for a relatively benign offense I add as an aside.
Theoretical question: If I put my children's names on my accounts (savings, checking, etc.), then later authorities fine me for something, and I did not pay the fine, could the account funds be seized by authorities? Or are they treated in the same way as an estate (such as held by the children)?
(I emphasize: theoretical Q, but I'm estate planning, and this is of interest to me.)