Questions & Answers

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 effect thier credit. Also, if I should have any issues with creditors, they will come after them? Are his concerns valid? I have excellent credit, and have never bounced a check in my life.

I have no idea 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.