Elder Law Answers
If I Gifted My Property to My Daughter Without Getting the Deed Notarized, Can I Get It Back?
We added one of my children to the deed on our property via a quitclaim deed. We signed at home with no witnesses or notar...
Read moreWill Putting My Daughter's Name on My Accounts Affect Her Credit Rating?
- August 27th, 2013
Q
I recently put my daughter on my bank accounts. I did this in the event that I took ill and could not pay my bills. I felt it was the easist way for her to handle things if this event occurred, as I am living in another state. Her husband is adamant that I remove her, as he is afraid that it will affect thier credit. Also, if I should have any issues with creditors, will they come after them? Are his concerns valid? I have excellent credit, and have never bounced a check in my life.
A
I don't understand how your putting your daughter's name on your account would affect her credit. Unless it creates too much family strife, I'd leave it as is. It is a good idea to address these issues as you have begun. However, I would also recommend naming your daughter as your agent under a durable power of attorney and health care proxy so that she can do more than handle that one account should the time come. This also would have no effect on her credit rating.