Adding Your Name to Parents Bank Account – Bad Ideal
You want to protect your parents from scammers, fraud and thieves. One way you think to do that is by adding your name to their bank account so that you can keep watch over their money and finances. However, this is likely a bad idea. Creditors Can Seize Money: If you, the adult child, owes debts, the money in the account can be used by creditor to satisfy those debts. Why? Your name is on the bank account, which in essence makes the money in that account partly yours. So by adding an adult child to their account, the parent…
