Parent need to manage their financial affair especially when their children growth and for convenience, they need to place their child’s name on their bank accounts. To add name of the children ain’t really safe. The parent trusted their own son but one day their children make the retirement parent is hard.
There’s risks for adding a child’s name to bank accounts include :
1. Your child’s creditors could come after the money in the account to settle their debts.
2. Your child could withdraw all of the money in the account without your permission and they could use it for personal purposes.
3. The parent will be effect if the child were sued and the courts might award money from parent account to pay damages.
4. It might defeat parent plan. The co-signor becomes the owner of the assets upon your death.
Source :- Business Time