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Can a lien be placed on a joint account in which you are the secondary owner?
Wiki User
∙ 17y ago
Liens are not placed upon bank accounts, they are legal instruments used to secure an interest in real property for repayment of debt. Bank accounts (even those jointly held) are subject to levy by a judgment creditor in all states. A joint bank account will be "frozen" by the court before any monies are withdrawn to allow a non debtor account holder to provide proof of what percentage of the funds belonging to them. The exception to levying of bank accounts by a judgment creditor are: If the account holds exempted funds such as SS benefits of any type; or other types of disability or pension benefits that are exempted under state or federal law such as RRB/RRD. If the account is held jointly by a married couple as Tenancy By The Entirety (TBE) and only one spouse is the judgment debtor.
Wiki User
∙ 17y ago
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How is a joint banking account of an unmarried couple in the state of Indiana liquidated when one joint account owner passes away?
The surviving joint owner is the sole owner of the account and can maintain it or close it. That is the reason for having a joint account.
When a parent and child have a joint checking and the parent dies does the child receive the money?
Depends how the account was set up (Joint Tentancy with Survivorship Rights, Grantors Trust, under the UGMA, etc.) The generic answer is no, it would not be treated as income. The money in the account would be included in the decedants estate and be distributed through either Trust or Probate as a qualifying gift.
Do I as a joint person on a checking account have the right to the check book One of the owners of this account has another person with power of attorney handling the account?
Yes. As a joint owner of the account you have as much right to the account as the other joint owner.
What is joint account?
A joint account generally is an account with survivorship rights. That means when one owner dies full ownership passes automatically to the surviving owner.
What is the meaning of principal ownership of a joint account?
A Joint Account is when something is accessible by two people and has both their names in/on it.Principal Ownership means they are the main Owner.Sometimes this means that the Principal Owner can do things to the account or the Secondary Owner that the Secondary Owner can't."PRINCIPALadjectiveFirst, highest, or foremost in importance, rank, worth, or degree""OWNERSHIP noun...of being an owner""Whenever a bank opens a new savings or checking account for a customer, his or her name is listed as the sole authorized user of that account. If two or more individuals want to share access to the same account, however, the result is called a 'joint account'. Any one of the parties listed as a joint owner of the account can make deposits, write checks or withdraw cash. In general, a joint account is opened by individuals with a close family or business relationship; parents/children, married or unmarried couples, business co-owners, etc. Some participants in a joint account can restrict access by requiring two signatures on checks or withdrawal slips."For more please go to: http://www.wisegeek.com/what-is-a-joint-account.htm
When there is a joint account and two attorneys-in-fact under a POA with only one listed as the joint account owner who has authority to make transactions?
A joint account passes to the surviving account owner if the co-owner has died.If a person who has executed a POA is a joint owner of an account, their attorney-in-fact can access that account, or any account, on behalf of the principal while the principal is living unless the principal excluded authority over that account from the POA. Any attorney-in-fact stands in for the principal in such matters as banking when the principal has requested that they do so.A co-owner has free access to any joint accounts they own.
What rights does the beneficiary of a joint bank account have when the other joint owner is deceased?
When two individuals have a joint account together and one dies the other is the sole owner of the account. The survivor is not considered a 'beneficiary'. They have all the rights that any account holder would have in any account.
Your parents and you had a joint bank account they died who does the money belong to?
A joint bank account belongs to the surviving owner.
You and your father have a joint savings account separated by 'or'. When he dies does the the money go to probate?
No. When one joint owner of an account dies the account will become the sole property of the surviving owner with no need of probate.
If a partner is in prison can you freese his bank account if you are not a joint account holders?
If you are not joint account holders, you are not considered an owner of the account. Therefore, you have no rights whatsoever regarding the account.
What happens if you have a joint account and one of the parties dies?
Full ownership of a joint account passes to the surviving joint owner unless the joint account was set up for purposes of convenience only and the account is otherwise devised in a will.
What happens if the account owner of a joint account with survivorship also has a POD designation listed for that account?
If the account owner of a joint account with survivorship also has a Payable on Death (POD) designation listed for that account, the benefits of the account will be paid out in accordance with the POD designation. This means that upon the account owner's death, the funds in the account will be transferred to the individual(s) named as the POD beneficiary/beneficiaries, rather than being transferred to the co-owner(s) of the joint account with survivorship.
