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 Dowager 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

 

What not to say to a new mum

Some phrases just pop out before you really think about them, but there are some things you should try to not say to a new mum.

Why I'm glad to be an indulgent granny

The phone calls started a couple of weeks ago. At about 5.30 each evening - if I am lucky - I will be greeted by a sweet, excited voice declaring: "'Allo Annie".

Is this the worst relationship advice ever published?

You sometimes have to wonder whether relationship/sex advice from magazines is designed to help or humiliate.

How you talk to your baby now can impact social skills later

People used to think that social skills were something kids were born with, not taught.

Three truths about C-section mums

Lately I've been thinking about the caesarean stories and the brave women who birth their children with strength and beauty.

Scientists predict when you should start a family

Scientists have calculated at exactly what age you need to start trying to get pregnant to have the best chance of realising your dream. 

Differently abled child

When 'protecting' a child is really a cover for judgement

Why are people so concerned for this happy child and his mother?

When toddlers have strange obsessions

When it comes to two-year-olds and birthday cakes there are a few requests that are usually at the top of the list. But a cake featuring a local personal injury lawyer?

When Mama Bear strikes

When we become mums, our instinct to protect our children and keep them safe from harm is so strong we're often likened to a Mama Bear protecting her cubs.  

Immunity boosters for kids

There are no guaranteed ways to avoid the dreaded winter illnesses completely, but there are ways we can boost our children's immunity.

Mum shares portrait of her proudly breastfeeding three-year-old

Jade Beall usually chooses to breastfeed her son, now 3, in private. This week, however, she shared portraits of her breastfeeding her preschooler.

Dealing with a toddler's morning tantrums

Your schedule is not important to your two-year-old, and you cannot convince her otherwise. So what can you do?

Child in suitcase 'could have died eight years ago'

A child whose remains were dumped in a suitcase in the South Australian bush is believed to have been a girl aged between two-and-a-half to four.

MP breastfeeds baby during parliamentary session

An Argentinian mum and politician has caused a stir on social media after being filmed breastfeeding her baby.

My baby's first seizure

It was 1am on a cold winter's night when I woke suddenly to the screams of my 12-month-old son. Our lives were about to change forever.

Portable pools 'more dangerous than permanent ones'

Inflatable and portable children's pools may be required to be sold with compulsory fencing to prevent backyard drownings, with some experts even floating the idea of a ban.

Heartbreaking moment mum kisses her one-week-old goodbye

At 11.07am on April 2 this year, Sarah Marriott welcomed baby Sebastian into the world.

The amazing Tee Pee bed and kid-friendly Frankie Bunk bed

These kids' beds definitely fit the brief of providing personality and personal space for little people who are moving up in the world.

The funny things kids say when you're pregnant

Since becoming noticeably pregnant, my son has taken more of an interest in the sibling he'll soon have.

The real problem with having one child

In this age of political correctness, it seems the one subject still subject to discrimination is that of the Only Child.

Six-week-old baby found dead, believed stabbed

A neighbour heard a child screaming before a baby was found dead, believed to have been stabbed, in a house in Newcastle.

The fire hazard in more than 70,000 Australian homes

So far, 206 Samsung washing machines have caught fire and some have exploded. But many remain in people's homes.

How having a baby can bring on OCD

We all know that having a baby can turn your life upside down - and it can also bring a raft of new anxieties and worries.

IVF gender selection being considered for Australian parents

Couples using IVF may be able to choose the gender of their babies and women could be financially compensated for donating their eggs.

The best age to get married (according to the latest study)

Not too young, and not too old. That's reportedly the best age to get married. Not everyone agrees.

Get your FREE Baby & Toddler Show ticket!

Get your free ticket to the Sydney Essential Baby & Toddler Show for September 25-27 - register online now.

 
Advertisement
 
Advertisement
 
 
 

What's hot on EB

Yes, you can get pregnant before your period returns post-baby

After giving birth, the last thing you want to think about is contraception. But you can get pregnant before your period comes back.

Fellow diner rewards mum after toddler's tantrum

Parents of toddlers everywhere know the feeling. After working up the courage to take your child out for lunch or dinner in public you are rewarded with a mid-meal meltdown. 

IKEA begins massive safety campaign after two toddler deaths

Two children were killed when pieces from their Malm furniture line tipped over.

Which beauty treatments are safe in pregnancy?

Is it safe to use fake tan, hair dye and nail varnish during pregnancy?

A dad's guide to hyperemesis

I am in no way qualified to advise women on how to cope with hyperemesis, but I've learnt some lessons that might be worth sharing with other partners.

The five ways I know my 'baby' is no longer a baby

The truth is, I can no longer deny that my walking, babbling, somewhat-independent little miss is no longer a bona fide 'baby'.

Woman adopts best friend's four daughters after cancer tragedy

Best friends share everything - and for these two life-long friends, that includes family.

Beaneasy: sweet nursery furniture with a twist

If you're looking to introduce an organic element into your baby's nursery but want to step away from natural timber, we have the perfect alternative.

Confirmed: men gain weight when they become dads

Men who become fathers experience weight gain and an increase in body mass index, a measurement of body fat based on height and weight, according to a new, large-scale study

Carer investigated over washing machine photo posted 'for a laugh'

She said the photo of a boy with Down syndrome in a washing machine was taken just for fun, but no one else was laughing.

The day my son started a fire

Would you know what to do in a fire emergency? How safe is your home and family?

Mum's premature labour nightmare after high tea salmonella outbreak

An opulent high tea at a luxury Melbourne hotel has left 44 people with salmonella poisoning - including a pregnant woman, who went into early labour.

The science of 'hangry': why some people get grumpy when hungry

Where does hanger come from? And why is it that only some people seem to get hangry?

What a baby with whooping cough sounds like

It's a heartbreaking video that anyone who has ever considered not vaccinating against whooping cough must see.

Couple's million dollar bill for premmie baby born on holiday

An Australian couple could face a medical expenses of more than $1 million after their baby boy was born three months prematurely while they were holidaying in Hawaii.

Coffee a day to keep disease at bay

Don't be surprised if your morning brew does more than wake you up. There's more to this magical elixir than you might think.

Why Prince George has 'two different looks'

Days out from Prince George's second birthday, his parents' tendency to dress him in classical style clothing has been revealed as a cunning ploy.

Husband films mum giving birth in moving car on freeway

An incredible birth video shows a mother delivering her own baby as her husband drives along a freeway in a vain attempt to reach hospital.

Breastfeeding while pregnant: is it safe?

Many women happily breastfeed well into pregnancy while others wean sooner; yet others continue to breastfeed both infants together. This is a personal choice.

Womb to world: transitioning your new baby

One minute they're contentedly snuggled in the sanctuary of their mum's tummy, and the next they arrive into an overwhelming reality of lights, cameras and action.

Gadgets

iSperm: the iPad home fertility test for men

A new gadget uses a tiny microscope and the camera on an iPad to calculate sperm count and motility.

The tiny twins who were strong from the start

I cried when a specialist told me at exactly 28 weeks that our twin boys would have to be born within 48 hours.

One day when I didn't know

Julia Watson, a mum of four young girls, was diagnosed with stage 4 bowel cancer in December 2013. She shares her latest blog piece with Essential Baby. 

 

FREE TICKET

See Pinky McKay live in Sydney

Get your free ticket to The Essential Baby & Toddler Show and save $20 - register online now!

 
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.