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Your parents and you had a joint bank account they died who does the money belong to?
Wiki User
∙ 14y ago
A joint bank account belongs to the surviving owner.
Wiki User
∙ 14y ago
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What is a joint savings account?
A Joint Savings Account is when two people have joint access to the savings account. If a Wife and Husband, Boyfriend and girlfriend, parents and child open a Joint Account then "either" one of them can access ALL the money in the account. If one of them is involved in an illegal activity the Police can freeze the WHOLE account and "can" take ALL the money. It would be up to you to prove the money didn't come from the illegal activity. (Actually they would freeze separate accounts in the same household also) Good and bad parts are you both can access the money as needed, but the other person can "empty" the account with out your say so.
What is a joint account?
A Joint Savings Account is when two people have joint access to the savings account. If a Wife and Husband, Boyfriend and girlfriend, parents and child open a Joint Account then "either" one of them can access ALL the money in the account. If one of them is involved in an illegal activity the Police can freeze the WHOLE account and "can" take ALL the money. It would be up to you to prove the money didn't come from the illegal activity. (Actually they would freeze separate accounts in the same household also) Good and bad parts are you both can access the money as needed, but the other person can "empty" the account with out your say so.
Can you freeze a bank account when the money does not belong to the account holder?
From experience (as far as I know), if you are a joint holder of the frozen bank account, yes, they can garnish, but check your state statues because you may be exempt from garnishment.
Can husband take money from joint account without wife permission?
Of course. That's the purpose of a "joint" account.
Can legal order take money from a joint account?
Yes. The holders of the joint account are equal stake holders in the account and a legal order to receive payment from one of the account holders is enough to withdraw/take funds from a joint account.
How do you withdraw money from joint bank account?
A joint bank account is just like any account. You can withdraw money by all means like ATM, Checks, Withdrawal through withdrawal slips in the bank etc. however, the only difference is the fact that either of the account holders of the joint account can do this and one party cannot restrict the other parties involved in the joint holding of the account from withdrawing funds from the account.
Can i do anything to my wife if she took money from my checking account if we're separated?
If it's only your checking account, otherwise if it's a joint account there probably isn't anything you can do
Is taking out all the money from a joint account stealing?
Yes
Is a joint savings account considered taxable as part of an estate?
My mother and i have a joint savings account my mother passed away does the money in the account become part of the estate
Your mother died and left her daughter a joint account can anyone draw money out of that account?
No. As with any bank account only the account owner can withdraw money from the account. If the mother set up the account as a joint account with her daughter (with both mother's and daughter's name on the account as joint owners) the full ownership of the account passed to the daughter when the mother died. No one else can make withdrawals.
The Benefits and Pitfalls of Joint Bank Accounts ?
Joint bank accounts are accounts shared by two or more people. There are many reasons why a person might consider a joint account. Couples frequently open joint accounts to pay bills; parents may decide to share an account with their child; and senior citizens sometimes give another individual access to their account.When two people share a bank account, both are responsible for managing and maintaining the account. Both parties will have full control of the account, regardless of who deposits more money or who is more financially responsible. If one person overdrafts the account, transfers funds, or spends large sums of money, the other person will be held liable for their partners poor habits. Giving someone access to your money can be risky. If one individual takes advantage of the other, they may be forced to pursue legal action to recover their losses. Even then, there is a possibility that their money will be lost.When Joint Bank Accounts Are a Good IdeaWhile joint bank accounts can be risky, they can also be very useful. Business partners, parents, and couples often find these accounts to be extremely convenient. For example, elderly parents that are having trouble managing their own finances can give one of their children access to their bank account. That way, the child can make sure that their parents bills are paid and their finances are in order.Parents and business partners may also appreciate the convenience of joint accounts. Having a joint account will ensure that partners and parents know exactly how their money is being spent. Owning a joint bank account also makes it easy for couples to pay their bills and purchase shared expenses, like groceries and household items.Before opening a joint account, both parties need to understand the potential dangers and advantages. If one party is sued or uses the account irresponsibly, both account holders will be affected. For joint accounts to make sense, account holders need to set rules on spending and learn how to communicate their purchases. When these accounts are handled responsibly, joint bank accounts can be a convenient way for two or more individuals to manage their money.
If your husband owes money to a hospital can they freez a joint bank account?
Yes, they can. A joint account is equally held by the account holders and can be pledged against the debts owed by either of the account holders.
