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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.
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.
Funds are transferred to the surviving spouse
no. unless the person who owns the account dies; therefore, maybe their kids can if they are old enough
The amount would be settled to the nominee. If the account holder has not filled in the nomination details then the money would go to the legal heir.
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.
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.
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.
Funds are transferred to the surviving spouse
As far as I know, the money in the bank account will be sent to the state. Then the kin or beneficiaries can search the states website under unclaimed funds. Once they find there father or mothers, etc. funds that they may be entitled to they can contact the state and file paper work to claim the funds.
no. unless the person who owns the account dies; therefore, maybe their kids can if they are old enough
The bank account should pass to the named beneficiary.