Joint account and the death of one of the owners

Posted: August 17th, 2013 | Author: | Money

Quite often it happens that marriage leads to opening bank accounts together and it seems that it do not affect the payment of the two people. The question is, what happens to the common account, when one of the owners dies for some reason?

Dustin J McClure / photo on flickr

Dustin J McClure / photo on flickr

In this situation, it all depends on the bank where you have the account. Each bank sets its own procedures in such a situation and it should be specified in the regulations. Generally, however, possible to separate out some common scenarios that can happen depending on our bank. The first and very popular is to convert the account to an individual account. Note, however, that part of the estate of a deceased person still goes into the estate and the heirs can claim it.

Another, almost equally popular scenario is to divide the accounts into two equal parts, one of which is a personal account, and the second part of the estate of the deceased.ome banks, in turn, treat the death of one of the holders of the termination of the agreement and transfer the accumulated funds in non-interest bearing deposits, which can then be divided between the surviving joint owner and heirs. Other scenario is unlikely to happen, but sometimes banks that do not change anything in connection with the death of one of the account holders, but this is rare.

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