If my daughter has some money in my account that only I can withdraw money from, how do I ensure that she can get her money at any time if I should become ill?

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If my daughter has some money in my account that only I can withdraw money from, how do I ensure that she can get her money at any time if I should become ill?

Asked on January 13, 2012 under Estate Planning, New York

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

Planning ahead is always a good thing.  You have two choices: you can make your daughter a signatory on the account which would allow her to withdraw - or write a check, etc. - from the account or you could make her a joint owner on the account.  Here is the thing: do you have other children?  If you do and her name is not on the account or there is no other official accounting on the proceeds (whose is whose), then you could run in to problems later on should something happen to you.  Please seek help on this issue.  Possibly setting up a different type of account for her.  Good luck.


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