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Who gets the money from a personal account when that person dies?
Wiki User
∙ 14y ago
If the account was in the name of the decedent only, the money in the account becomes part of the decedent's estate which is then distributed according to the will.
Wiki User
∙ 14y ago
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If you have a joint bank account and one person dies is the money taxable as income?
No, the money isn't taxed because it is already in the hands of the people on the account. As a person on the account you only need to withdraw the money.
On a joint savings account and one person dies does all the money get frozen?
No. The account becomes the sole property of the survivor.
What happens to a Joint checking account is formed one person dies does the other have the right to that money?
yes they do
Do you have to pay a personal loan off if the person dies?
The estate of the person who dies is responsible for paying off the debt.
You and your father have a joint savings account separated by 'or'. When he dies does the the money go to probate?
No. When one joint owner of an account dies the account will become the sole property of the surviving owner with no need of probate.
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.
Which personal from of text-based media is often revealed after a person dies?
A diary
Which personal form of text based media is often revealed when a person dies?
A diary
Which personal form of text-based media is often revealed after a person dies?
A diary
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.
When your mother dies does her common law spouse have rights to her personal bank account?
Only if it is a joint account or payable on death to the "common law spouse". If it is a sole account in your mother's name then it is a part of her estate.
Can they touch bank account in your name and another name?
no. unless the person who owns the account dies; therefore, maybe their kids can if they are old enough
