Banks handle death in different ways. If your account is frozen, a death certificate will help resolve the issue and unfreeze your account.
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.
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.
Yes Watson. But the real question is: can the spouse spouse the home after the reverse mortgage dies live?
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.
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.
No. The account becomes the sole property of the survivor.
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.
Would i have to pay for my spouse's credit bills in the state of Michigan if he died
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.
Yes
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.
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.
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.
A joint account generally is an account with survivorship rights. That means when one owner dies full ownership passes automatically to the surviving owner.
When a spouse dies, the ownership of the savings and checking accounts depends on how they were set up. If the account was joint with right of survivorship, the surviving spouse will usually be entitled to the money. However, if the account was in the name of the deceased spouse alone, it will typically be included in their estate and distributed according to their will or state laws of intestacy. It's best to consult with an attorney to understand the specific laws in your jurisdiction.
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.
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.