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If you put your husbands name on your stock account as right of survivorship can he take money out while you are alive?
Wiki User
∙ 15y ago
The aspect of "right of survivorship" is irrelevant to this question. The right to take money out of the account is what is called a "present interest". The present interest means ownership of the property right now. The right of survivorship a type of "future interest". The future interest is what happens to the property in the future after one of the joint owners dies. Right of survivorship is a feature of one of several types of joint ownership. Other types of joint ownership are tenancies in common and tenancies by the entirety. Whether the joint ownership is with right of survivorship, in common or by the entirety. It makes no difference which kind of joint ownership the property is if you want to know if your husband can take out money while you are alive. As long as the account is in any form of joint ownership, he would be able to take money out while you are alive, because you both own the present interest jointly. For stock accounts it may be possible to modify the ownership rights as to the present interest by specifying in the account contract that he does not have the power to take money out without your consent even though he is a joint owner of the present interest. In addition, jointly owned accounts frequently provide that money cannot be taken out by one person alone; that both owners must sign checks and withdrawal slips. So just keep in mind that "right of survivorship" means nothing as to the present right to take money out of any account other than the fact that it is sometimes a feature of joint ownership
Wiki User
∙ 15y ago
If you designate your husband as a joint owner with right of survivorship on your stock account, he would typically have equal rights to access and manage the account while you are alive. This means he can withdraw money from the account. It's important to consider the implications and discuss this decision with your husband and potentially a financial advisor or legal professional.
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Is it illegal to authorize money to be taken out of your account and then close account there after?
It is not illegal to authorize money to be taken out of your account and then close the account. However, if the money has been withdrawn and there are outstanding charges or payments, it is your responsibility to settle them even if the account has been closed. It is advisable to communicate with the recipient of the funds to resolve any outstanding issues.
What are laws with siblings sharing a bank account and one takes all the money out but the other was who the money belonged too?
If both siblings are listed as joint owners of the bank account, then legally both have equal rights to the funds in the account. If one sibling takes all the money without permission, it could be considered theft. The other sibling can seek legal recourse by reporting the incident to the bank and potentially involving legal authorities.
Does a creditor have to have a court order for garnish a bank account?
In most cases, yes, a creditor needs a court order to garnish a bank account. The court order allows them to collect part of the debtor's wages or funds in a bank account to satisfy a debt. However, specific laws and regulations can vary by jurisdiction, so it's best to consult with a legal professional for advice tailored to your situation.
What overrides a will?
A will can be overridden by a newer will that explicitly revokes the previous one. Additionally, certain legal actions or court decisions, such as marriage or divorce, can also impact the validity of a will. In cases where a will is found to be invalid due to lack of capacity, undue influence, or fraud, it may also be overridden.
Someone wrote you a check for 975.00 but there is no money in the account?
If someone writes you a check for $975.00 and there are insufficient funds in their account, the check will likely bounce or be returned unpaid when you try to cash or deposit it. You should contact the person who wrote the check to discuss the situation and potentially find an alternative payment method.
What can be done when one person takes all money out of a joint tenancy with rights survivorship bank account?
When you decide to open a joint account with another person that is always a possibility. If there is a substantial amount of money involved you could try to sue for the return of half of the money.
If an executor finds that money was removed from the deceased bank account after death by a relative can you request return of money to pay outstanding debts?
Unless it was a joint account, the executor can do so. If it was a joint account, or one with rights of survivorship, there may not be an option. Consult an attorney in your jurisdiction to find out the specific laws that apply in your state or country.
What is the plural possessive of husband's?
husbands' ex: All of the women have their husbands' money.
How do you go about getting money from my late husbands account it didnt have me on the account and hade no beneficiary on the account?
Get a Power of Attorney letter from your legel counsel stating you are claiming the amount in your late husband's account. Also enclose proof that you truly are the wife of the late account holder.
Can a husband file charges against wife for taking money out of his bank account?
Under the following circumstances the husband cannot file charges against his wife for taking money out of his account:If the wife is a joint account holder in the accountIf the wife was in possession of the husbands ATM or Debit card when she withdrew money from his accountIf the wife was in possession of a signed check linked to the husbands bank accountIf neither of the above conditions are true, then the husband can legally file charges against his wife for taking money from his account without his notice.
Can husband file case against wife for emptying his bank accounts?
It depends. Yes - If it was a single holder account held by the husband and the wife used illegal means (like signing a check on her husbands behalf) to take money from it. No - If it was a joint account or if the wife used her husbands ATM Card.
Can husbands paycheck that was put in joint bank account for child support be levied?
If you are the joint-owner of the account you have already have access to the money so there is no reason to levy it. If you are not the joint-owner then you can't levy the money in the account, only the money paid to him via his paycheck. The levy would cause his employer to divert some of the funds that it pays to him, before he receives it.
What actors and actresses appeared in My Husbands Money 2012 - 2012?
The cast of My Husbands Money 2012 - 2012 includes: Alexis Bassett as Alexis
What happens to money in bank when you die?
If it is your sole account you should always name a beneficiary. The bank will assist you if you visit any branch. If no beneficiary was named the funds in the account become part of the owner's estate upon death. If the account is a joint account with the right of survivorship the full ownership will pass automatically to the surviving joint owner (who should then name a beneficiary through the bank).
Is the money market money added to the Estate in MD?
For tax purposes, money market funds are added to the taxable estate. For distribution purposes, money market funds will be added to the estate unless the account has a testamentary instructions e.g. Ownership is "Mom payable on death to Son" or "Mom and Son, joint with right of survivorship". The testamentary instructions would control the asset.
In the State of Kentucky when a minor child dies and the parents are divorced with joint custody what happens to money that the deceased child had invested?
I am sorry for the parents loss. But I hope that they are not fighting about the money. A good thing to do with the money would be that neither parent get it and it go to a memorial college fund in the name of the child. * The distribution of funds depends upon how the account was established. For example if the account was held by one of the parents with survivorship rights being applicable the funds then revert to the parent account holder. Other situations will be determined by the probate succession laws in the state where the account is held.
Can you get in trouble for using funds from a joint account with your husband and his mother only?
If your husband is on this account because he's on theJoint Account with Right of Survivorship: the joint account-holder becomes Joint Owner & can write checks & withdraw money from the bank or broker account or make investment decisions without knowledge or permission of other Joint Owner; easy to create; no legal expenses incurred upon creation nor upon death of Owner; no need for death certificate unless Tax Identif. Number must be changed.And the money is primarily hers or if he attributes money for her home expenses and your not on the account then the two of them decide your using this money without their knowledge and report you, YES you could get in trouble, it's called Stealing, fraud, money laundering.
