0
Can children of a deceased son claim part of his inheritance when his mother died after him and had joint account with daughter?
Wiki User
∙ 18y ago
If the matter concerns the joint account it is not likely any of the funds would be subject to distribution to other family members. When bank accounts of any sort are held jointly they are generally held as Joint Tenants With Rights of Survivorship (JTWRS). This means that upon the death of one account holder the funds revert directly to the surviving account holder(s) and are not subject to probate procedure. If the banking agreement/signature card does not designate how the account is held, the state's default law usually presumes the account to be of JTWRS status.
Wiki User
∙ 18y ago
Add your answer:
Earn +20 pts
How do you close out deceased cousin bank account when there is a will?
The executor of the estate has a Letter of Authority that will allow them to close the account.
How do you cash a cheque made out to the estate of the deceased?
You have to have a letter of authority and put it into an estate account.
Can a widow cash a check made out to deceased husband?
Only in case of a joint account.
Are you responsible for your deceased father debt if you share a bank account?
A joint bank account or more likely a portion of such might become part of the deceased estate depending upon how the account is held. Most accounts held jointly by family members are done so under the law of rights of survivorship and therefore revert to the living account holder(s) upon the death of the another. In any case, just being a joint account holder does not make the person responsible for the repayment of debt incurred by the deceased.
Recently received a check from us treasury with oao and then my deceased mothers name What is oao?
On account of. Normally on behalf of a deceased person. Courtesy of Timber Cash of Oakland, CA
What happens to a joint bank account when the the primary is the now deceased mother and the joint account holder is a daughter and In this case there is no will can they do anything?
The daughter now owns the bank account and everything in it.
How do you cash your deceased daughter's last paycheck?
An estate has to be opened for your deceased daughter. That check will be deposited into the estate account. You need to consult an attorney about an estate if you haven't do so already.
Can you spend minor daughter's inheritance in NY?
Absolutely not. The minor's inheritance should be placed in an interest bearing savings account in trust for the child.
Is the family allotted money from a deceased account?
It depends. a. If the deceased individual has a legal will, the people mentioned in his will, will be given the money from his account b. If he does not have a legal will, then his legal heirs (spouse and/or children) will be given the money from his account c. If he does not have any spouse or children, then the remaining family members will be given the money
What happens to a joint bank account when the the primary is the now deceased mother and the joint account holder is a daughter and there is a will. In this case there is no will can they do anything?
Joint accounts generally include the rights to survivorship. This means the funds in the account that belonged to the deceased automatically pass to the other account holder(s). The funds are not subject to probate procedure, nor are they subject to any terms stated in a will. It is possible that an estate tax could be levied on the portion of the account belonging to the deceased, but in most cases the amount would need to be substantial for that to occur.
What does a bank need if a deceased person has certificate of deposit or accounts in their bank?
They actually don't need anything. However if someone needs to withdraw the money from that account of the deceased person they must:provide proof that the person is actually deceased (A death certificate)provide proof that he/she is the legal heir of the deceased (A will or a relationship proof that they are the son/husband/wife/daughter of the deceased)Once the bank verifies these documents, they will release the funds from the deceased persons accounts to you. Without these you cannot take any money from that account.
Who gets a deceased parents money in the bank account?
If there is a will, then the beneficiary gets the money. If there is no will all the children of the decedent get an equal share of the money.
Is an authorized user on an account for which the primary account holder has been deceased for two years responsible for paying the amounts charged?
An authorized user does not fulfill the definition of "debtor" under the Fair Credit Reporting Act. AU's are not liable for any debt they have not signed a contractual agreement for. If the AU is the heir of a deceased person, the deceased's estate or heirs MAY have liability for their debts. This would depend upon (their state's) inheritance laws and the terms of the will.
What happens to a joint bank account when the the primary is the now deceased mother and the joint account holder is a daughter and there is a will Can anyone else pull money from that account?
Ifvyou read the Will you will see who are the beneficiaries. When probate is granted the beneficiaries will be entitled to a share of the mother's account , depending on the agreed split in the account with the daughter. You should get some simple legal advice or read up in a good law book or thw web.
Do you still pay inheritance tax on a checking account if there is an or between the different names on the account?
If you are one of the signatories of a joint account it is already yours, you do not have to inherit it, therefore it is not subject to an inheritance tax.
Is it possible to receive an inheritance from a deceased parent from a fund that was not left in a will?
Yes. The fund may have been in your parent's name at death in a "Payable on Death" account where your parent named a beneficiary directly with the company or bank that held the funds.
If a parent owes credit card debt are the children responsible after the parent is deceased?
If they are not an account holder they are not responsible for the debt. All debts and assets and wills are handled in accordance with the state probate laws in which the deceased lived and/or owned property.
