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A joint bank account or more likely a portion of such might become part of the deceased estate depending upon how the account is held. Most accounts held jointly by family members are done so under the law of rights of survivorship and therefore revert to the living account holder(s) upon the death of the another.
In any case, just being a joint account holder does not make the person responsible for the repayment of debt incurred by the deceased.
What else can I help you with?
What should we do to close our deceased mother's account that's a joint account with my brother and I?
If the account is a joint account with your mother, you and your brother, the surviving joint owners can close the account and share the balance. When the account was opened the three of you should have signed signature cards and all names should be listed as account owners. One or both of you should be able to simply make a withdrawal of the balance and close the account.
What is the journal entry for Share capital and Paid up Capital?
[Debit] Cash account xxxxx [Credit] Share application account xxxxx Entry 2 [Debit] Share Application account xxxxx [Credit] Share Capital Account xxxxx
What is the effect of a bonus issue on the share capital and share premium account?
Bonus shares increases the share capital while reduces the share premium account because amount of share premium is used to issue bonus shares.
What is it called when two or more people share a bank account?
A joint-account
Is share premium account and share application money same?
Share premium account is that amount in which amount in excess of par value of shares is received while share application accounts records all money received from potential investors in process of share issue.
Who gets a deceased parents money in the bank account?
If there is a will, then the beneficiary gets the money. If there is no will all the children of the decedent get an equal share of the money.
Who pays taxes on a joint account?
Both account holders are responsible for paying taxes on a joint account. Each person's share of the income generated from the account is reported on their individual tax returns.
Can you claim your deceased mothers share in deceased dads property?
No, you would take your share of his estate, which already includes hers.
Who receives your deceased father's share of your deceased grandmother's estate when he and his two siblings were left her house in the state of Pennsylvania?
It really depends upon the contents of a will and how the property is titled under the wording of the deed. Generally property held jointly passes directly to the other owners and is not subject to probate action. In a case such as noted, the deceased share of the property will likely be passed automatically to the surviving owners under the state's Joint Tenants With Right of Survivorship (JTWRS) laws.
Are both spouses responsible for charges on a joint credit card when separated?
Yes. That's why you shouldn't share an account.
What is a share in financial accounting and what are the journal entries for the shares?
When applications received Debit Cash account Credit Share applicant account [debit] Share applicant account [Credit] Share application account When share allocated [Debit] Share application account [Credit] share capital account
Is wife responsible for husbands medical bills in Montana?
A married couple share responsibility for all debts. If he is deceased, the estate will have to resolve the debt before she can receive her inheritance.
Your father died in 1953 his mother died your grandmother leaving her home to her heirs Would you be considered to be her heir on your fathers share of her home?
If your grandmother died and devised her home to her heirs then you may be entitled to inherit your father's share, whatever that may be, according to the intestate succession laws in your grandmother's state. If he had a spouse she may also receive a portion. If he had no spouse his children would share equally. However, the wording of your grandmother's will may direct who will inherit the share of a deceased child. Property may be devised to a person's children with the share of any deceased child to pass to his own sisters and brothers. Or, property may be devised to a person's children with the share of any deceased child to go to the deceased child's children (grandchildren). You need to check the wording of the will and you may need to check the laws in the state where your grandmother's will is probated.
Is a share account also known as a checking account?
No. A share account is essentially a savings account...
Our father died intestate our mother is deceased and father had one child from a prior marriage. How will his estate be distributed?
All your father's children are entitled to an equal share in his estate. You can check the laws of intestate distribution at the related question link provided below.
What should we do to close our deceased mother's account that's a joint account with my brother and I?
If the account is a joint account with your mother, you and your brother, the surviving joint owners can close the account and share the balance. When the account was opened the three of you should have signed signature cards and all names should be listed as account owners. One or both of you should be able to simply make a withdrawal of the balance and close the account.
Who has a minecraft alpha account they'll share with you email you at quaellen67gmailcom?
nobody has an account they will share.
