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What else can I help you with?
Your sister has a joint bank account with your father what happens to his half after his death?
Upon your father's death, his half of the joint bank account would typically pass directly to your sister as the surviving account holder. It would not be included in his estate and would not go through probate.
What are Delaware state bank levy laws?
The State of Delaware prohibits bank garnishments with the exception of a tax levy. Just to be clear, the only way that your bank account can be garnished in Delaware is if you owe back taxes. To clarify about the Delaware bank account: It is not enough just to open the account in Delaware. You have to have a Delaware address on the bank account. The exception is to this is to open an account at a bank that only has branches in Delaware. Then, as I understand it, you can have any address you want on the account.
What is an inheritance tax waiver?
An inheritance tax waiver is required by brokers in order to transfer stock ownership of a deceased person from his/her name into the new account which contains her/his estate assets. It is issued by the states, and is not required in all states. I do not know its purpose. An inheritance tax waiver is a document issued by the taxing authority like a state in order to prove that all inheritance taxes have been paid. In New Jersey it is used this way. If the estate has to pay inheritance taxes, it may withdraw up to half of the date of death balances of the decedent's bank accounts and deposit those monies into the estate account. The other half is frozen in order to ensure that the inheritance taxes are paid. After the inheritance tax return is filed and the state is satisfied that it is accurate and that all inheritance taxes are paid, it issues documents called tax waivers. Each waiver will identify one or another of the decedent's bank account by name of bank, account number and date of death balance. The executor takes the tax waiver to the bank and if all the information matches properly, the bank releases the half that had been frozen. No one gets that second half until the tax waivers are issued by the state.
Can attorney place levy on bank account from default judgment unsecured credit account in the state of Texas in which the debtor lives?
Yes, in Texas, an attorney can place a levy on a bank account as a means to enforce a default judgment on an unsecured credit account. This levy allows the attorney to collect the specified amount owed from the debtor's bank account to satisfy the judgment.
Does a creditor have to have a court order for garnish a bank account?
Yes. A creditor can not just simply walk into a bank and demand your money. Only a court can have a creditor take money from your bank account. Actually, the court would probably order the bank to pay a certain amount to the creditor from your account rather than give the creditor the right to take money out of your account. A supreme court decision stopped that racket in Arizona.
If your the executor of a will and you find the bank account has Pay upon death on it and it is not the executor who pays taxes on that?
I have been the executor of my mothers money, I pay her nursing home bills with it, she just died and i have 200,000 dollars left, do I have to pay tax on that money.
What is a bank account beneficiary?
A beneficiary is the person who receives the benefit (usually money) from an insurance policy or a trust.
If you already have a bank account can you add a beneficiary to that account?
Yes. You can sit down with your bank representative and select a person to whom the account will be payable upon your death. That will avoid the need for probate for that account. You will need that person's social security number. Different banks and states have different practices. An inquiry at your bank will disclose what you need to do.
What is the bank interest?
This varies from bank to bank. It also varies depending upon the type of account.
What does TOD stand for in estates?
TOD stands for 'transfer on death'. TOD is a legal agreement with an entity such as a bank whereby upon the death of the owner of an account ownership bypasses probate and passes directly to beneficiaries. The transfer is made quickly but assets passed through this type of arrangement are subject to estate taxes, if applicable. Transfer on death (TOD) registration allows you to pass the securities you own directly to another person or entity upon your death bypassing probate.
Your sister has a joint bank account with your father what happens to his half after his death?
Upon your father's death, his half of the joint bank account would typically pass directly to your sister as the surviving account holder. It would not be included in his estate and would not go through probate.
Does a bank account get investigated after death when in probate?
It depends upon the way the account was established. If the account was joint then there are not legal grounds for an audit. If the account was held solely by the deceased and withdrawals or transfers were made after the person's death or during a time when the person was incapacitated by someone who did not hold a POA or conservatorship, questions will be asked.
If your name is on someone else's bank account are you entitled to that money?
If you are an equal co-owner of the account, then yes. However, if you are listed as an account beneficiary, then only upon the death (or incapacitation) of the primary account holder would you be entitled to the funds or control thereof.
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).
A POD beneficiary was trusted by the deceased to give monies to his adult children. Can a judge order money to be returned to an estate on a POD account?
No. The payable on death arrangement that was made with the bank will control. That means the account will not be included in the decedent's estate. The funds will be paid over to the POD beneficiary.A POD account is not used to entrust a person to distribute monies upon a person's death. The customary manner is to keep the funds in a joint account for convenience purposes only, to be distributed amongst the heirs upon the death of the primary account holder. That arrangement can be expressed in a will. The courts do not act on your report of what a decedent wanted to happen with her estate. In your case it should have been expressed in a will if that was indeed the plan.No. The payable on death arrangement that was made with the bank will control. That means the account will not be included in the decedent's estate. The funds will be paid over to the POD beneficiary.A POD account is not used to entrust a person to distribute monies upon a person's death. The customary manner is to keep the funds in a joint account for convenience purposes only, to be distributed amongst the heirs upon the death of the primary account holder. That arrangement can be expressed in a will. The courts do not act on your report of what a decedent wanted to happen with her estate. In your case it should have been expressed in a will if that was indeed the plan.No. The payable on death arrangement that was made with the bank will control. That means the account will not be included in the decedent's estate. The funds will be paid over to the POD beneficiary.A POD account is not used to entrust a person to distribute monies upon a person's death. The customary manner is to keep the funds in a joint account for convenience purposes only, to be distributed amongst the heirs upon the death of the primary account holder. That arrangement can be expressed in a will. The courts do not act on your report of what a decedent wanted to happen with her estate. In your case it should have been expressed in a will if that was indeed the plan.No. The payable on death arrangement that was made with the bank will control. That means the account will not be included in the decedent's estate. The funds will be paid over to the POD beneficiary.A POD account is not used to entrust a person to distribute monies upon a person's death. The customary manner is to keep the funds in a joint account for convenience purposes only, to be distributed amongst the heirs upon the death of the primary account holder. That arrangement can be expressed in a will. The courts do not act on your report of what a decedent wanted to happen with her estate. In your case it should have been expressed in a will if that was indeed the plan.
What does POD on a bank statement mean?
on a bank account statement, it means Payable On Death
Bank account credited after death of account holder?
The heirs have to place claim for the same from bank authorities by completing legal formalities.
