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What happens to a joint bank account when the the primary is the now deceased mother and the joint account holder is a daughter and In this case there is no will can they do anything?
Wiki User
∙ 11y ago
The daughter now owns the bank account and everything in it.
Wiki User
∙ 11y ago
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What happens to a joint bank account when the the primary is the now deceased mother and the joint account holder is a daughter and there is a will. In this case there is no will can they do anything?
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.
If your name is on a checking account with someone else and she passes what happens to the balance on the checking account?
It depends on your relationship to the deceased and if there was a will.
What happens to a joint bank account when the the primary is the now deceased mother and the joint account holder is a daughter and there is a will Can anyone else pull money from that account?
Ifvyou read the Will you will see who are the beneficiaries. When probate is granted the beneficiaries will be entitled to a share of the mother's account , depending on the agreed split in the account with the daughter. You should get some simple legal advice or read up in a good law book or thw web.
What happens to the money in an account when the owner passes away?
It passes to the deceased's estate upon proof of death.
Can a deceased person earn dividends on a bank account?
The estate can earn dividends on a bank account. The executor is responsible for making sure this happens and it gets included in the estate.
What happens if a custodian on a trust account takes money our of the account without knowledge or approval of beneficary Mother took money out of daughter's account and will not go to the bank to transfer funds into child's account.?
Nothing will happen.
What happens with a deceased family members tax refund?
The tax refund will have to be deposited into the Estate of the taxpayers account and used to pay debts of the estate. It will then be disbursed according to the taxpayers will or the laws of the State if no will exists. The Administrator or Executor of the Estate will need to sign the check and deposit it in the proper account.
What happens to a checking account with two signers when the funds are Social Security income belonging to the mother and the daughter files bankruptcy?
All Social Security Benefits are exempt from bankruptcy proceedings. If the daughter has no monies in the account then the account will not be a part of the BK. However if funds were commingled there could possibly be a problem with determining ownership amounts.
What happens if you take money out of deceased dads bank account without power of attorney?
A power of attorney represents a living person, so any power of attorney is no longer valid. They would have to be on the bank account or the executor to legally take the money out.
What happens if I write a check from a joint account and find out my husband closed the account?
If the mode of operation of the account is jointly by you and your husband in this case he can not closed the account. If the mode of operation is either or survivor, in this case your husband can close this account and you can not claim anything from bank.
What happens when 6 PS3s share a same PSN account?
You won't be able to download anything from the PlayStation Store until at least one person deactivates the account on their PS3. They can do that via account management.
What happens to the winnings of a deceased Massachusetts lottery winner?
In some states the money will go the estate of the deceased winner.
