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

 

Special Ticket Offer, Save $8!

The Essential Baby & Toddler Show is back this April! Save $8 off the door price for a limited time only!

Finding baby name inspiration in unusual places

Sometimes the greatest baby name ideas come from the most unexpected places, as these EB members show.

The case for inducing at 37 weeks

While we often think of pregnancy as a 40 week affair, experts agree that 37 weeks is actually “full term". So is there an argument for inducing all births at 37 weeks?

Does controlled crying really work?

Controlled-crying techniques may help some babies sleep through the night, but for many exhausted new parents, it's just a recipe for more tears all round.

How I taught my infant to use a toilet

As people become more aware of these benefits, I hope more parents will practice this method, so we can cut down on nappies and improve baby bonding.

'I thought it was impossible': Emily Symons pregnant at 45

Aussie actress Emily Symons has announced she is pregnant with her first baby.

Shallow water blackout kills fit, healthy dad

A little girl will grow up without her father after the fit and healthy 34-year-old passed away while doing something he had practised his whole life.

Afternoon naps may be bad for toddlers' sleep

You could be doing yourself a disservice by encouraging your toddler to have an afternoon nap, according to new research.

Best gifts for newborns, new mums and christenings

We've compiled a guide to some of the most popular presents for newborns and new mums, and for christenings and naming days.

Jaime King to be a mum again

Actress Jaime King is pregnant with her second child, giving 16-month-old James a sibling.

Nannies should receive government funding

The Abbott government should extend funding to nannies, and direct childcare payments to low and middle income families, a landmark study on childcare has found. 

Common skin irritations in newborns (and how to treat them)

As many as one in two newborn babies suffer from skin irritations in their first few weeks. So what are the most common rashes and irritations to look out for?

10 wall decals for the nursery or playroom

Wall decals are the answer to creating a beautiful nursery or children's space without lifting a paint brush, a spirit level or even a hammer.

Preschooler walks 2.4km home alone

Three-year-old Cain Trainor headed off home after his first day at a new preschool without telling anyone.

Video: Why mums get nothing done

In spite of being in an almost constant state of motion while looking after the kids and trying to keep things together at home, it can seem as though parents have managed to get nothing on the to-do list done by the end of the day.

The middle name game

The middle name is no longer an afterthought, and parents' inspiration comes from many places.

Have a baby or your money back - but there's a catch

A new IVF scheme offers couples the chance to fall pregnant and give birth - or get their money back. But there's more to it than you might think.

A rare glimpse inside the womb

A baby born still inside the amniotic sac gave US doctors a rare glimpse at life inside the womb.

Battered mum forced to write to her attacker ex in jail

Three years ago Jason Hughes viciously attacked his ex-partner. Now she has to write to him three times a year.

Woman pleads not guilty to ultrasound scam

A West Australian woman will fight allegations that she scammed expectant mums by selling them fake ultrasound pictures of babies.

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

Brain damaged mum receives compensation

A Sydney mother who suffered brain damage when she was hit by a car while pushing her newborn baby in a pram has reached a confidential out-of-court settlement with the driver's insurance company.

Indigenous midwives break down the barriers

A culturally sensitive midwifery service has gained the trust and respect of Aboriginal women.

The Katering Show's next big delivery

Most mums-to-be plan to take things easy and perhaps have a little break from work as the birth of their baby draws near. Not Kate McCartney.

53 creative pregnancy announcements

Announcing that you're expecting can be a time to express your creativity, sense of humour and imagination. Check out how other parents and parents-to-be have broken the news to friends and family.

Why I have mixed feelings about Cindy Crawford's leaked photo

Last week an un-retouched photo of model Cindy Crawford surfaced, showing the 48-year-old mother-of -two posing in underwear.

How to create a Peppa Pig pancake

Thought your toddler could not love pancakes any more than they already do? How about if the breakfast treat came in the shape of every two-year-old's favourite cartoon character?

'It's a little life, not a little loss': pregnancy after miscarriage

I thought I was never going to be able to have a successful pregnancy. I decided that I wasn't going to form an emotional attachment with this baby.

Bonds Baby Search 2015: what you need to know

February 18 marks the start of one of the most prolific annual baby competitions in Australia: the Bonds Baby Search. And this year is going to be more special than ever.

Who will manage your Facebook account when you're gone?

This is not something that people like to talk about, but Facebook has announced that it will grant users more control over what happens to their pages after they die.

Struggling mum of four wins $188 million

Mother of four Marie Holmes was financially struggling after quitting her jobs at Walmart and McDonald's in order to care for her children.

Pregnant obese women a 'relatively new problem', coroner hears

A first-time mother whose daughter died hours after her frightening birth insists she was never told of the risks of being obese and pregnant.

'I'm angry as hell': the story behind mum's passionate vaccination plea

She has labelled parents who do not vaccinate their children "misinformed imbeciles" - and for that, she makes no apologies.

IKEA hacks for the nursery and kids' rooms

Are you one of those that know the whole IKEA catalogue by heart? Love their stuff but want to personalise it? Here's some inspiration to help you realise the potential of IKEA furniture and fittings.

8 different kinds of tantrums

I never thought I’d say this, but for a brief moment last week, Kim Kardashian and I had something in common: both our kids had public tantrums.

Polycystic ovary syndrome: symptoms, treatment and your fertility

Polycystic ovary syndrome (PCOS) is the most common female hormonal condition, affecting roughly one in 12 Australian women.

What's the best position for giving birth?

If doing it on your back is out, what's the best position for labour and birth?

Wife forgives snake catcher husband for car surprise

With Valentine's Day coming up, Nat Gilbert could be forgiven for thinking her husband might be planning a surprise for her.

Kids who meet milestones at their own pace

We usually only hear the success stories: tales of the two-year-old who’s talking, running and completely toilet trained. But other stories need to be told too.

Ruby shines as Bonds Baby

Sarah Kiss has a word of advice for proud mums and dads who are keen to enter their babies in this year's Bonds Baby Search Competition - just have fun.

Why dads should go to sleep school

If your family needs to go to sleep school, go with them. You are part of that family and you are part of the solution.

36 baby names inspired by food and drinks

A French court may have ruled out Nutella as a baby name, but that doesn't have to stop you from taking inspiration from the supermarket (or bottle shop). See what parents in the US have chosen for their delicious little ones.

Clever breastfeeding products

Check out this range of products designed to help make your breastfeeding journey more enjoyable, manageable and convenient.

 

Win a KitchenAid Mixer

Let's celebrate 300,000 fans on Facebook

To celebrate, and to thank our amazing fans, we?re giving away a KitchenAid Artisan Tilt-Head Stand Mixer.

 
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.