0
If you have a joint account with a person that is sued can they come after your other accounts?
Wiki User
∙ 14y ago
No. They can only go after the assets of the person that is being sued. If you have a joint account with that person that is part of the other person's assets. Any account that is just in your name is safe as you are not the person being sued.
Wiki User
∙ 14y ago
Add your answer:
Earn +20 pts
Can a person who is not appointed executor but his attorney tells him to close out accounts?
He can if the accounts are joint accounts and he is the joint account owner. However, if he was the joint owner for convenience purposes only the other heirs should seek their share of the funds.
Can one person of a joint account close the account?
No. Actually, it depends on how the account is titled. If it is a Joint OR account, than yes, one person or the other can close it without the other. If it is a Joint AND account than both need to be present to close the account.
Is it legal for a bank to take money out of your other accounts if it's a joint account is in the negative?
no
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.
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.
How do i remove someone from my joint bank account?
This depends on where you live. In Canada, if you are the primary on the account you can go into your branch and have the other person removed. In the US however, some banks will not remove names from accounts and you will be required to close the account and open a new account under your name.
What happens to a joint checking account in Indiana if one person dies?
In Indiana, when one person dies, their share of the joint checking account typically passes to the surviving account holder. This is because joint accounts have a right of survivorship, meaning that the surviving account holder automatically becomes the sole owner of the funds. However, it is always advisable to consult with a legal professional or the bank to ensure a proper understanding of the specific situation and any necessary legal steps.
Is a spouse entitled to a bank account if not on the account?
A spouse may open as many bank accounts as they wish. If, on the other hand, you are referring to a joint account; then there will have to be paperwork filled out adding the spouse to the account and thus creating a joint account. This requires the agreement and signature of the original account holder.
How much money can a person move out of a joint account with the other joint person not approving?
ALL OF IT. BOTH DEPOSITORS CAAN REMOVE ALL
In a joint account if one person files bankruptcy is the other liable?
Yes
If you have a joint bank account do you own the account if the other person passes away?
Yes. Think of a properly formed joint bank account as an account that each person owns in its entirety. If one dies their interest in the account disappears and the survivor is the sole owner.
If a mother has a joint account with other relative besides the legal heirs can the heirs challenge in court?
Generally, yes, as long as the heirs would receive the proceeds of that joint account if it were in the decedent's name alone. Many states have adopted laws governing the disposition of joint accounts. Generally speaking the rule is that the surviving joint owner is entitled to the account as against the estate unless it can be proved that the decedent did not intend for the account to go to the survivor. Usually, the estate must prove this by a high standard of proof. The usual theory behind such a challenge is that the surviving child unduly influenced his or her mother to make a joint account so that he or she would get the money in it to the exclusion of the heirs or beneficiaries. Another theory behind the challenge is that many joint accounts are actually "convenience accounts." A convenience account is one where one person creates a joint account with another person so that the other person can handle all banking transactions and pay bills for the other person. It happens with elderly parents who live with one child and relies on that child to pay the bills for the convenience of the parent. One sign of a convenience account is whether or not the person writing the checks ever put any of his or her own money in the account or used that account to pay his or her own bills. This is an indication, not necessarily absolute proof, that the surviving joint owner did not treat this account or its deposits as his or her own but used it only for the parent's needs. This is a very common challenge, because joint accounts can have the effect of changing the proportions of inheritances by the children even though the will says that the children share in the estate equally. Banks are the real cause of this problem because they routinely have the people creating the joint account sign signature cards that have provisions for joint ownership with right of survivorship and they don't full explain what that means. If a parent needs help in conducting bank transactions and check writing without intending that the other person gets all the proceeds in the account, the right way to do it is to open the account in the sole name of the parent and give the child power of attorney over that account.
