I must add...Health Care debt was to be covered by Living Trust arrangement and was in litigation at time of other owner's death. Right of Survivorship was not altered prior to owner's death.
It is possible for it to happen. They would have to have a court order to do so.
If the named person is not a joint account holder with rights of survivorship the bank account monies will become the property of the probate court and be distributed according to succession law of the state where account holder resided at the time of his or her death.
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.
It usually depends whether or not it is a joint account with right of survivorship. A joint account which requires the signature of only one of the account holders is usually one with right of survivorship. One where both are required to sign does not usually have right of survivorship. Generally speaking, if it is an account with right of survivorship, things simply continue on as they did before the death of one of the account holders. Without right of survivorship, the account is usually frozen until after probate. But much depends on the actual wording of the account agreement and the practices of the financial institution. There are no clear and definitive specific answers to your general question.
For real estate, a right of survivorship must be set forth in the deed or will by which the parties acquired the property. For personal property such as bank accounts, the account must be set up as a joint account with the right of survivorship. Survivorship is set forth in the certificate of title for a motor vehicle.
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
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.
can you keep a creditor from finding your account
A creditor can put an attachment on a joint savings or checking account in NY. When an account is held jointly with another individual, the creditor does not know who contributes more to the account and secures the account as an asset.
Answer: In some jurisdictions if there is some proof that the account was made a joint account only for purposes of convenience then the assets in the account would become a part of the estate. Many people leave particular instructions regarding joint accounts in their Wills either stating that the account is to go to the joint owner or that it was only made joint for convenience.
yes, i creditor can garnish a bank account to $0 regardless of where the funds in the account came from
Maybe. It depends on how the account is set up and the laws of your state of residency that governs creditor judgment actions. It also would depend on whether or not the amount in the account that was your mother's was probated according to state law.
A person who is authorized to access the account can find out by contacting the financial institution where the account is held.
This begs curiosity as to why you would be aware that the creditor attempted to garnish an account where you have no accounts. Prior to serving garnishment of an account, the creditor will need to know that you do have an account or accounts at the bank. This is typically verified by the legal department or a skip tracer. If no account exists, or if there are no funds available to attach, the creditor will be notified, but there is no reason for a bank to notify you if no account exists. If you have no account at a bank, for all intents, you do not exist to the bank.
Unless it was a joint account, the executor can do so. If it was a joint account, or one with rights of survivorship, there may not be an option. Consult an attorney in your jurisdiction to find out the specific laws that apply in your state or country.
Yes. A creditor can not just simply walk into a bank and demand your money. Only a court can have a creditor take money from your bank account. Actually, the court would probably order the bank to pay a certain amount to the creditor from your account rather than give the creditor the right to take money out of your account. A supreme court decision stopped that racket in Arizona.
It depends. If:you have a monthly loan repayment agreement with the creditor wherein the creditor automatically deducts your monthly payments from your savings account oryou have defaulted on your loan payments for more than 2 or 3 months and haven't contacted the creditor reg. the sameThen, the creditor can withdraw money from your account (if there is any cash available) towards your loan repayment. Otherwise the creditor cannot deduct any money from your account without intimating you.
can any creditor freeze my checking account after I get a automatic stay from the court.
No, a creditor would not issue a card or extend credit on the account of a deceased spouse. The creditor might be willing to issue a card to the surviving spouse based on his or her own financial situation.
Alabama is not a community property state, the surviving spouse is not responsible for creditor debt unless he or she was a joint account holder.
Include the original account number if you are including the original creditor. Include the account number for the collection agency if you do not have the orignal creditor information and are including them as "Care Of" for service.
Is it for the same account or do you have another account with them?
If the account was joint then the surviving spouse is responsible for the debt. If the account was held solely by the deceased spouse the surviving spouse is NOT responsible for the debt and is not legally obligated to repay such nor to correspond with the creditor or collector. If the surviving spouse so chooses he or she may inform the collector that the account holder is deceased and also inform the collector that they should "cease and desist" all contact with the family. Florida is not a community property state. Marital property is generally treated as Tenancy By The Entirety, which makes it immune to creditor action if only one spouse is the debtor.
A creditor can only levy your bank account by getting a judgment against you. To do that, they must sue you. And they must win in court. If you are sued by a creditor, be sure to show up for court to prevent this from happening.