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Typically property that cannot be claimed by kin when someone dies goes to the government. If money is owed on the house it is given to the bank.
It seems like you are asking what happens when one joint account holder dies. I believe that most joint bank accounts are set up so that the surviving account holder would have legal possession of the full balance, the same as he did before the death of the other joint account holder.
Beneficiary.
Yes, they are a creditor that can make a claim on your estate.
no
Someone else will be appointed the executor. The probate court will appoint someone, usually a bank or attorney, if no one 'volunteers' to do the work.
In the UK, where there is a joint bank account, any of the signatories on the account can do anything with the contents of the account. If one signatory dies, the position does not change and the remaining signatories can continue using the account. HOWEVER, for the purposes of inheritance tax, the contents of the account at the time of death must noted and, (unless there is documented proof to the contrary), a sum equal to the content divided by the number of signatories on the account will be included in the tax/probate calculations for the deceased.
A beneficiary is the person to whom the proceeds of a bank account would be paid if the primary account holder of that bank account dies. They can also be termed the nominee for a bank account. This is very important for cases wherein the account holder does not have a legal will stating to whom his account proceeds should go. In such cases the bank would choose the nominee or beneficiary and pay them the account proceeds.
The bank must be notified so they can place appropriate notes on the account and take whatever other action is necessary. The funds belong to the other joint owner who may continue to use the account as usual.
If the decedent named a beneficiary on his bank account the beneficiary can obtain a certified copy of the death certificate and proper identification and visit the bank to close out the account and obtain the funds.
it disappears with the horse from your account
No, bank has to give a notice to the hires of deceased depositor about his account detail. Then if notice not responded by the heirs, bank has right to clod it.