Are there any negative consequences if my parents add me to their accounts and/or deeds?Can a parent add my name to their bank/investment accounts and deed instead of getting a will or trust?
Yes they can add you and yes there could be a chance of negative consequence.
When you are on the loans you can be liable for debt.
Living Trust is the best option. Call a lawyer who specializes in Living Trust to assist in drafting this document.
Mine cost about $2,500 dollars and was deductible from my income taxes and the peace of mind that my affairs will be handled the way I want is priceless!