Bank account, and inheritance

Posted: August 15th, 2013 | Author: | Money

Death is an unpleasant event, but it is well known that everyone has to die for some reason and the property will be inherited by his family. But it is worth knowing that the funds collected on personal accounts are inherited differently than other things. Firstly, it is true to say that the money in the account are not personal property of the person who owns the account.

The holder of this money is the bank, which also has a debt in the amount and the creditor is the owner of the account. This issue complicates the situation and may delay the financial resources from the account to the heirs. At the time of death the funds collected on the account are deposited in a temporary account which does not have any interest rate. At this moment, heirs wait for final decision of the court concerning certificate of inheritance or deed confirming inheritance.

Sometimes it may be necessary to show a contract or a statement of the court to divide the inheritance. It very often happens that probate lasts for a long time, and money lay idle on the account. However, you can get the funds sooner. For this purpose, the account holder can make a statement before his death on the basis of which, the bank will have to pay a designated person a reasonable amount of the sum taken from bank account. It is worth noting that it is not included in the estate. Such amount, however, is limited, and the money can be passed only to the closest members of your family. Also, You cannot do that if the account is shared with other person.

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