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What else can I help you with?
What happens if you have a joint account and one of the parties dies?
Full ownership of a joint account passes to the surviving joint owner unless the joint account was set up for purposes of convenience only and the account is otherwise devised in a will.
Is a divorced spouse of 10 years responsible for credit card debt after the ex-husband dies?
If the debt is less that seven years old and if the spouse was a joint account holder, then the spouse would be responsible for the debt. If, however, it was a separate account or the surviving spouse was only an authorized user on the account, they are not responsible for the debt. * The 7 years relates to the length of time that the information can remain on the credit report. There is no time limit on debt collection only on the amount of time that the creditor has to pursue legal action to recover money owed (debt statute of limitations). You would be responsible for a joint account only, although it is not unusual for creditors to attempt to collect from authorized user's whether or not they are a spouse of the account holder.
can the spouse live in the home after the spouse dies under a reverse mortgage?
Yes Watson. But the real question is: can the spouse spouse the home after the reverse mortgage dies live?
Member of joint account does what happens for survivorship?
When a joint owner dies their interest passes automatically to the surviving owner. The survivor is the sole owner of the account and can close it or make changes. For example the survivor can take the decedent's name off the new checks for the checking account.
What happens when a joint loan on a recreational vehicle is awarded to one spouse in a divorce decree and that spouse dies before the loan is paid off?
If a joint loan on a recreational vehicle is awarded to one spouse in a divorce decree and that spouse dies before the loan is paid off, the responsibility for the loan typically falls on the surviving spouse, depending on the loan agreement and state laws. The lender may still hold the deceased spouse's estate liable for the debt, meaning the estate could be responsible for paying it off. If the surviving spouse wants to keep the vehicle, they may need to refinance or assume the loan. It’s advisable for the surviving spouse to consult with a legal professional to understand their rights and obligations in this situation.
When a spouse who is a primary bank account holder dies would the other spouse who is the joint account owner have to closed the account?
When a spouse who is the primary bank account holder dies, the joint account typically remains accessible to the surviving spouse without needing to close it immediately. The surviving spouse can continue to use the account, but it's advisable to inform the bank of the primary account holder's death. Depending on the bank's policies and local laws, the account may eventually need to be updated to reflect the surviving spouse as the sole owner or closed if a new account is opened.
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.
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.
If you live in Michigan and your spouse dies who pays the credit card bill if it was not a joint account?
Would i have to pay for my spouse's credit bills in the state of Michigan if he died
If husband dies and has a joint bank account with wife is the account frozen on notification of husband death and does this apply to all EU countries?
From personal experience with a big UK bank, I csan say that our joint account wasn't frozen when my wife died. I don't know about the crest of the EU.
When one spouse dies in a joint policy and no beneficiary is named do the proceeds default to the joint spouse that has survived?
Yes
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.
If a spouse's parent dies and leaves inheritance does this become community property with your spouse?
Not immediately. When you inherit something it is separate property because it was specifically designated to go to you. If you put these funds in a joint account or share them with your spouse then it would likely be deemed as transforming to community property.
What happens if you have a joint account and one of the parties dies?
Full ownership of a joint account passes to the surviving joint owner unless the joint account was set up for purposes of convenience only and the account is otherwise devised in a will.
Who is entitled to the monies in saving and checking account when a spouse dies?
If the surviving spouse (or anyone else, for that matter) is listed as the beneficiary, then the beneficiary is entitled to the proceeds. However, if no one else is listed on the account, it may very well wind up in probate (court).
What is joint account?
A joint account generally is an account with survivorship rights. That means when one owner dies full ownership passes automatically to the surviving owner.
If the spouse dies does the money in the joint checking account go to the surviving spouse or to the spouse and surviving children of the decedent?
In community property states, absent a will or beneficiary designation different(and even this might not be enforceable if the wife did not sign). Everything goes to the surviving spouse. Hopefully she likes the children.I am not an attorney but I did go to a Holiday Inn Express today.
