Legal Question in Personal Injury in California

Son On my Checking Account

I have my 28 year old son listed as ITF ''In Trust For'' on my checking account. By doing this, am I placing myself at risk to be sued if someone were to sue him? If yes, would they only be be able to go after my checking account or would they be able to go after any/all my monies and home?

(This is hypothetical only - no on is suing him!!)

Thanks very much.

Susan


Asked on 12/01/06, 4:01 pm

1 Answer from Attorneys
Edward Hoffman Law Offices of Edward A. Hoffman

Re: Son On my Checking Account

As a trustee, at most you could be liable for the financial obligations of the trust, not those of its beneficiary. Even then the law would probably shield you.

Your ITF checking account is probably less formal than an actual trust, but the same basic principle (minus the formal legal protections) applies. Sharing a checking account with someone is not enough to make you personally liable for his obligations.

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Answered on 12/02/06, 3:56 pm


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