Legal Question in Civil Litigation in Maryland
if my father were to put my name on existing bank accounts - I never contributed or used any of the funds - this is documented through statements - my question is if I were to lose a law suit can these accounts be used to pay for any settlement?
Asked on 8/12/14, 7:26 am
1 Answer from Attorneys
Cedulie Laumann
Arden Law Firm, LLC
Yes, unfortunately jointly owned accounts may usually be attached by creditors of one of the co-owners. This is one reason why adding adult children or non-spouse relatives to a bank account can backfire.
Your father may wish to seek legal counsel before attempting any transfer. While I hope this post helps it is not intended to substitute for legal advice.
Answered on 10/16/14, 3:18 pm
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