Jump to content

Joint Bank account
What happens if someone passes away


  • Please log in to reply
13 replies to this topic

#1 Honeycowz

Posted 16 April 2010 - 09:11 PM

DH and I have a joint bank account and always have and its always worked great for us.

however recently his grandmother passed away (she lived O/S). Her husband is still living, yet unable to access his money as he held a joint account with his wife. The average time, I've been told to settle an estate is 3 months. Meaning he won't have access to any of his funds until it has been settled.

Is that the case her in Australia too. If my DH was to suddenly pass away...would the kids and I find ourselves stranded, knowing there was funds, but not being able to access them as everything we hold is in joint names? unsure.gif



#2 minich

Posted 16 April 2010 - 09:20 PM

When DH & I opened our joint account. I'm pretty sure that there was an option to have only 1 or two signatures to make a withdrawl. So if you opted for 1 sig either you or your husband could withdrawl money out without needing the other person. Good for deaths but not so good if there's trust issues. So obviously with 2 signatures you both need to sign for any withdrawl transactions.


#3 fancie

Posted 16 April 2010 - 09:23 PM

The joint account could most certainly be used to pay for the funeral (on presentation of the funeral directors bill - the bank will normally make out a bank cheque in favour of the funeral director for the specified amount), however I am not sure on withdrawals other than this.

Might be worthwhile ringing your bank to check.  It may or may not depend on whether one or both signatures are required to withdraw from the account - something to ask them (DH has not worked in retail banking for some time so is a bit rusty).

My DH and I have always had separate accounts as well as a joint account for bill paying.  Generally our savings are split between the two separate accounts so that should there be a death, the surviving partner would not be in such dire straits if any delays occur.





#4 *Lib*

Posted 16 April 2010 - 09:25 PM

The minute you tell the bank someone has died, they'll lock the account.

#5 BentoBaby

Posted 16 April 2010 - 09:29 PM

We have joint accounts (& a joint home loan) and they are set up "either to operate" which means DH or I can take money out (via the branch, online or with our cards).

I assumed every married couple did things this way up until I recently discussed it with friends and found out how many people operated their own accounts even with mortgages huh.gif, and how many had to use their own "savings" to fund stuff while they were on maternity leave  ohmy.gif. DH & I share everything, I wouldn't even know how to split up what money comes from where unless I sat down and looked it up.

#6 upup

Posted 16 April 2010 - 09:37 PM

This happened to my mum when my dad dies - she was left broke as all the accounts were in my dads name. It was devastating for her - she has since kepty a slush fund in her own name.

This happened to my mum when my dad died - she was left broke as all the accounts were in my dads name. It was devastating for her - she has since kepty a slush fund in her own name.

#7 louib76

Posted 16 April 2010 - 09:41 PM

joint accounts are held as "either or the survivor" in the bank i work.  big bank in aust.

if one person was to pass away the account remains operational  to the other party and can remain a joint account until the survivor decides to close it and open a new one in their own name.

if the account was just in the name of the person who passed away it would be stopped immediately and would be dispersed as per the will , however funeral expenses and other bills could be authorised to be drawn out of the account

#8 ekbubby

Posted 17 April 2010 - 12:15 PM

My mum and step dad had a joint account and when  he passed she was still able to access it.

She just withdrew everything out and put it in her other account then closed it down.

DH and I have joint everything, bank accounts, mortgage, credit cards, etc and they are all set up so that if one of us dies the other still has complete access.

#9 Pearson

Posted 17 April 2010 - 12:23 PM

When I worked at a bank, we would change the name of the acct to read joe bloggs and the estate of jane bloggs.  if it was a single acct, then no one else would be able to access it other than the executor of the will, as it would form part of the estate.

#10 TEN!

Posted 17 April 2010 - 12:27 PM

In Australia, joint assets pass directly to the survivor.

DH & I have seperate finances.  Works fine for us.  I see no reason to have a joint account.

#11 Lawsie

Posted 17 April 2010 - 12:32 PM

I just changed my bank account over to joint names - long story as to why it wasn't that way. I was told that if one of us died, the other would still have access to the account. Whereas if it was not a joint account, the government regulations state that the account has to be locked.

#12 babblefish

Posted 17 April 2010 - 12:34 PM

My mother and father have always had separate bank accounts with $ in for this type of situation. My mother has a term deposit with X amount in it always. she can break the term for a minimal fee.

i think it is a good idea.



#13 anotherlogin

Posted 19 April 2010 - 01:35 PM

if it is a "joint" bank account, the surviving "joint" person gets the money.  So if you had a joint account with your spouse, but say left "ALL" your assets in your will to your children, your spouse still gets the money in your "joint account".  Same goes for property, if you buy a house "joint tennants", then if one person dies, ther other joint person automatically iinherits.  If it's "tennants in common" then it depends on what your will says.


#14 Honeycowz

Posted 19 April 2010 - 01:44 PM

QUOTE (mtilly @ 16/04/2010, 09:29 PM) <{POST_SNAPBACK}>
We have joint accounts (& a joint home loan) and they are set up "either to operate" which means DH or I can take money out (via the branch, online or with our cards).

I assumed every married couple did things this way up until I recently discussed it with friends and found out how many people operated their own accounts even with mortgages huh.gif , and how many had to use their own "savings" to fund stuff while they were on maternity leave ohmy.gif . DH & I share everything, I wouldn't even know how to split up what money comes from where unless I sat down and looked it up.


I thought the same mtilly, to me it was just natural, but I'm realising that isn't the case and most people seem to have seperate. It wouldn't work for us though, although we'd probably save more biggrin.gif

I jsut want to make sure that if something happened to DH (heaven help us if it doesn't...I'd miss that crazy man) that the kids and I would still be able to survive. How frustrating it would be to want to feed your kids, have the money yet not be able to do it.
My children have zero tolerance or patience when it comes to their bellies biggrin.gif




0 user(s) are reading this topic

0 members, 0 guests, 0 anonymous users

 

How a baby can survive alone for days on end

The baby found abandoned in a Sydney drain may have been alone for up to six days without being fed, leaving many asking how he could have survived.

When it begins to look a lot like Christmas

A child's excitement at Christmas time is a beautiful thing, but one dad ponders whether his toddler daughter is getting into the festive mood a bit too soon.

Hospital lets dads the experience some of the pain of childbirth

A new experience is radically altering men's views of childbirth.

Italian doctors questioned over formula bribes

Italian police have placed 12 doctors under house arrest on suspicion of promoting baby milk formula over breastfeeding.

Heartwarming prank gives single mum the house she was hired to clean

Cara Simmons arrived at work to clean a large and beautiful house in time for a party planned for that evening. It was soon hers.

Those special moments of sibling bonding

Every now and then your child does or says something that is truly memorable.

Why we should stop telling new parents to 'enjoy every moment'

A few weeks ago, some dear friends of mine had their first baby. As the proud dad texted me a picture I had to fight the natural instinct to say “Enjoy every moment!”

Baby monitor footage posted online

Footage of Australian babies and children sleeping in their bedrooms are among the images on a Russian site showing live feeds from thousands of homes and businesses around the world.

Did this new dad really hit on his wife's midwife?

Was there really a man who was actually there by his wife’s side as she laboured and gave birth to his child, all while he was making what he perceived to be meaningful eye contact with a midwife?

Keep calm and ignore the Tantrum Trolls

Tantrum Trolls are a small but growing species of predatory bottom-feeders who delight in picking on parents at their most vulnerable.

It's okay to never 'get over' the death of a loved one

The death of children, siblings, and parents has long term impacts on the rest of our lives.

What Mark Latham needs to know about depression and motherhood

In a bizarre bid for relevancy, Former Opposition leader Mark Latham has deduced that because one female journalist had this week light-heartedly thanked antidepressants and caffeine for getting her through a medical degree while raising two small children, that ergo, all 'inner-city feminists' are selfish harridans who despise their offspring.

'We're just trying to keep our child alive': life with FPIES

We have a beautiful seven-month-old son, and his allergy rules our life.

Transgender dad breastfeeds his babies

A transgender man who breastfed his first baby - despite having his breasts removed as part of his transformation from female to male - has now had a second child.

Couple face $1 million medical bill and bankruptcy after babymoon birth

A Canadian couple were slammed with a million dollar medical bill after their daughter was prematurely during their babymoon.

Win one of 5 Little Tikes Cozy Coupe Sport

Australia?s No 1 selling car is now available in a Sports model and we have 5 to give away to some lucky Essential Baby families.

Cigarettes, junk food dominate supermarket sales growth

One in every five dollars spent at supermarkets goes on cigarettes or junk food, according to industry data.

Teacher under fire for breastfeeding in class

There is no doubt mums have a right to continue breastfeeding after they have returned to work, but one teacher in the US has taken it to the extreme.

Video: Baby sniffs beardless dad to make sure it's him

She looks him up and down and then touches his chin, but baby Lindsey still isn't sure this clean-shaven man is her dad.

The tragedy of losing a favourite teddy bear

We were green and uninitiated, perhaps a little naïve when it came to the favourite toy responsibility.

It's possible to workout while pregnant

Medical experts say intense fitness routines can be done safely during pregnancy - if the mums-to-be follow some guidelines.

Baby for Asher Keddie and Vincent Fantauzzo

Fans followed every step of her on-screen pregnancy in Offspring, now Asher Keddie is going to be a mum in real life too.

What parents really want for their kids

Are our hopes, dreams and expectations for our children what they really need?

'I had a feeling something was seriously wrong': the fight for Kaden's diagnosis

Before even giving birth, Katie Myers' maternal instincts warned her something was wrong with her baby.

Win a family pass to Disney Live!

We have 4 family passes to give away to see Disney Live! presents Three Classic Fairy Tales, touring Australia this December/January.

Download now: Essential Kids Activity Finder app

Got bored kids? Quickly find the best activities for kids wherever you are in Australia with the Essential Kids app.

 
Advertisement
 
Advertisement
 
 
 

What's hot on EB

Win one of 5 Little Tikes Cozy Coupe Sport

Australia?s No 1 selling car is now available in a Sports model and we have 5 to give away to some lucky Essential Baby families.

Join PADDINGTON on the red carpet!

To celebrate the release of PADDINGTON, we are giving five lucky winners the chance to win a family pass to the exclusive Australian Premiere in Sydney on December 7!

When your pregnancy causes a relationship rift

Some dads-to-be don't miss a beat when their partner is pregnant; others struggle with a range of issues and can become withdrawn, right when their support is needed most.

Couple uses group photo trick to announce pregnancy to loved ones

Katharine and Kris Camilli devised a clever trick to immortalise their family and friends' reactions to their exciting pregnancy news.

Why Tracey Spicer has given up make-up

"After 30 years on television, I had become what I despised: a painted doll who spent an hour a day and close to $200 a week putting on a mask."

Knowing you are one of the lucky ones

I am secure, confident and strong, but the responsibility of protecting my children can almost bring me undone.

Why I am so emotional now I have kids?

There are so many ways in which parenthood changes us as women, but one of the most noticeable, for me, has been the changing state of my emotions.

Baby survives despite sharing womb with 'foreign body'

Baby Maia was conceived against the odds, only to find she was sharing a womb with an ominous "foreign body".

Video: Baby shows dog how to jump - or vice versa

They say dog is man's best friend, but this playful pooch seems to have chosen a jumping baby as her number one buddy.

10 ways to soothe a crying baby

New paernts can get frustrated when their newborn gets fussy and can't settle down. When you're feeling overwhelmed, try some of these simple tips to help soothe your baby.

20 baby names that are becoming more popular every year

The data-lovers at nameberry.com have been at it again – this time, they’ve discovered the names that are continually rising up the ranks, ready to take out some top spots in the next few years.

10 great meals to make for new parents

Ideally, you want to give food that isn’t expensive to make, isn't too difficult to create, and freezes well; stews, bakes, soups and pasta sauces are perfect.

'It's not you, it's me': Boston bombing survivor mum to have leg amputated

Rebekah DiMartino is going through a break-up. She even wrote a farewell love letter. But it's not to her husband.

What it's like to go through early menopause

In a cruel twist, Carla had been breastfeeding and perimenopausal at the same time. But she's far from the only one to go through menopause early.

Weird pregnancy products

Some pregnancy products come to market and are just awesome. Others just leave you scratching your head.

Restaurant served alcohol to two-year-old

Busy restaurants can be forgiven for getting food and drink orders mixed up from time to time, but not when the confusion leads to a two-year-old being served an alcoholic cocktail instead of the child-friendly beverage they ordered.

Julia Morris tells of miscarriage on a flight

Julia Morris has spoken about the devastation of suffering a miscarriage while on an international flight.

Woman's survival after birth 'a story of two miracles'

A US mother is home and tending to her new baby less than a month after surviving without a pulse for 45 minutes.

Best maternity swimwear and beach cover-ups

Thinking about a tropical babymoon but have nothing to wear? Here are some great swimwear and beach cover-up options for mums-to-be.

Model's bath photo 'inappropriate'

It was a seemingly innocent photo of a family in the bath - but Facebook wasn't happy.

 

How many weeks til Christmas?

On your To-Do list

Get the "Santa" shopping done without the kids in tow.

 
Advertisement
 
 
Essential Baby and Essential Kids is the place to find parenting information and parenting support relating to conception, pregnancy, birth, babies, toddlers, kids, maternity, family budgeting, family travel, nutrition and wellbeing, family entertainment, kids entertainment, tips for the family home, child-friendly recipes and parenting. Try our pregnancy due date calculator to determine your due date, or our ovulation calculator to predict ovulation and your fertile period. Our pregnancy week by week guide shows your baby's stages of development. Access our very active mum's discussion groups in the Essential Baby forums or the Essential Kids forums to talk to mums about conception, pregnancy, birth, babies, toddlers, kids and parenting lifestyle. Essential Baby also offers a baby names database of more than 22,000 baby names, popular baby names, boys' names, girls' names and baby names advice in our baby names forum. Essential Kids features a range of free printable worksheets for kids from preschool years through to primary school years. For the latest baby clothes, maternity clothes, maternity accessories, toddler products, kids toys and kids clothing, breastfeeding and other parenting resources, check out Essential Baby and Essential Kids.