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Can a co-owner on a checking account be liable for using money from an estate not settled?
Yes, the co-owner would be legally liable for using money in the account from an estate that was not settled.
What is a Co owner on a checking account?
A Co-owner on a checking account is someone who has full access to the funds. They are able to deposit and withdraw money from the account, write checks on the account and disperse them. A benefit to having a co-owner on an account is the ability for more than a single person to access the account if, god forbid, the other co-owner becomes sick or dies. A huge drawback is that the co-owner may abuse the account and legally be able to use all of the funds. If a married couple becomes separated or divorced it is encouraged they close their joint account and reopen separate ones.
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.
My dads sister is on his checking account but not on the will which is to be divided between the kids. can she legally take the money for herself even if the will say to divide between the kids?
It depends on how the checking account is held. If the account is a custodial account it will pass according to the will, then she cannot take the money. However, if this is a joint checking account, in the eyes of the bank she is a co-owner and is legally permitted to take the money.
Can a minor child open a checking account without a co signer in the state of Ohio?
Yes they can
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 happens when a co-owner of a bank account dies?
When a co-owner of a bank account dies, the handling of the account typically depends on the account's ownership structure and local laws. In many cases, if the account is set up as a joint account with right of survivorship, the surviving co-owner automatically gains full ownership of the account. If not, the account may need to go through the probate process, and the deceased's share may be distributed according to their will or state intestacy laws. It's advisable to notify the bank promptly and provide necessary documentation, such as a death certificate, to manage the account appropriately.
Define the difference between a cosigner of a person's financial assets and a co-owner?
A co-signer has authority over the distribution of assets, a co-owner has ownership of them. i.e. My partner and I have a joint bank account where we can both sign cheques. We are co-owners of this account and also co-signers(signatories) although working independently of each other(either can sign for cash, no need for 2 signatures) My PTA has a bank account and I am treasurer. The funds do not belong to me but I have responsibility for the distribution of them. I am co-signer(with the chairperson for example) but not co-owner(the PTA itself owns the funds. My elderly grandparents have a joint account but their lawyer and I deal with their finances. My grandparents are co-owners(the cash is theirs) the lawyer and I are co-signers(responsible for the use of it)
What is the name of the financial institution where the checking account is offered?
a bank, a savings and loans office or a co-op. these are places where you can open a chequing or a savings account or both.
Can a co-owner of an s corporation drain the bank account?
If, as far as the bank was concerned, the co-owner is a legal signatory on the bank account he may do as he wishes. If he commits embezzlement or breaks the legal agreement of the partnership then they would be subject to legal sanctions based on those grounds.
What is the proper spelling of co-owner?
co owner
Your friend owes a lot of back taxes you are on his checking account to pay his bills for him you do not use the account as your own Will you be responsible if the tax man cometh?
no, as long as you don"t co-mingle your money w/his and keep your acounts separate from his. you can be co-signature on his account if IRS decides to attach his account don't have your money in it. or you will lose
