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What happens if the account owner of a joint account with survivorship also has a POD designation listed for that account?
Wiki User
∙ 14y ago
If the account owner of a joint account with survivorship also has a Payable on Death (POD) designation listed for that account, the benefits of the account will be paid out in accordance with the POD designation. This means that upon the account owner's death, the funds in the account will be transferred to the individual(s) named as the POD beneficiary/beneficiaries, rather than being transferred to the co-owner(s) of the joint account with survivorship.
Wiki User
∙ 14y agoAn account held in a joint ownership with the right of survivorship will pass to the surviving account owner automatically when the first joint owner dies. When that happens the account becomes their sole property and can be left to an heir. The bank may allow the account owners to file a POD beneficiary who will inherit the account when the last surviving owner dies. You should discuss your questions with your bank.
However, remember that when two people have a joint account and one dies the account becomes the sole property of the Survivor even if the first to die had a POD.
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If some is listed as a joint owner with the right of survivorship can they take your car before death?
no
Does the husband and wife both have to be on the land deed to both own the property?
Yes. They should both be listed as grantees on the deed and the deed should be a survivorship deed. You should consult with an attorney who can draft a proper deed for your jurisdiction.Yes. They should both be listed as grantees on the deed and the deed should be a survivorship deed. You should consult with an attorney who can draft a proper deed for your jurisdiction.Yes. They should both be listed as grantees on the deed and the deed should be a survivorship deed. You should consult with an attorney who can draft a proper deed for your jurisdiction.Yes. They should both be listed as grantees on the deed and the deed should be a survivorship deed. You should consult with an attorney who can draft a proper deed for your jurisdiction.
What if you are listed on someone else's bank account and you have to file bankrupt?
What about it? If you are listed on a parent's or child's account to assure bills are paid in the even something happens to the other person, and you have contributed none of the money in the account, the trustee probably will let you claim it as property in trust for another. Otherwise, half of it counts as your asset.
Who is JTWROS and Why are They Listed on My Account Statement?
Oftentimes account statements you receive from your bank or brokerage may have the abbreviation JTWROS on them. What does this strange string of letters mean to you? Often shown in its abbreviated format, JTWROS, or Joint Tenants with Right of Survivorship is a legal way to hold real property in which ownership is shared by two or more people. Each party, called a joint tenant, enjoys equal rights to the property. That's what the joint tenants part of JTWROS means. Joint Tenants with Right of Survivorship can be used in the case of unmarried or married couples. Some assets that are typically held by way of JTWROS include primary residences and bank or brokerage accounts. Sometimes business partners will hold their business property as Joint Tenants with Right of Survivorship. What happens when one of the joint tenants dies? That's where the right of survivorship comes into play. Upon the death of one of the joint tenants, the ownership of property passes directly to the other joint tenant(s), regardless of any conflicting instructions for distribution of that property in the decedent's will. So using Joint Tenants with Right of Survivorship to hold property keeps the property out of the estate of a deceased joint tenant, though estate and/or gift taxes may apply. But make sure you understand this point; liabilities attached to a property held Joint Tenants with Right of Survivorship (like a mortgage on a home) continue to be attached to that property and become the responsibility of the surviving joint tenants. Unless ownership is reregistered differently, property held Joint Tenants with Right of Survivorship passes to the estate of the last surviving joint tenant. So the next time you see these letters listed somewhere you'll know what they mean and if someone asks you how you want to register the ownership of an account you may be a little bit more prepared.
Who is entitled to the monies in saving and checking account when a spouse dies?
When a spouse dies, the ownership of the savings and checking accounts depends on how they were set up. If the account was joint with right of survivorship, the surviving spouse will usually be entitled to the money. However, if the account was in the name of the deceased spouse alone, it will typically be included in their estate and distributed according to their will or state laws of intestacy. It's best to consult with an attorney to understand the specific laws in your jurisdiction.
What happens if the father is not listed on the birth certificate?
Nothing happens
What is an open account listed on a credit report?
Open Account - account listed as "open" on your credit report are accounts that are open, includes all accounts that have been reported within the last 90 days.
Your brother inlaw died he had his name on the deed with his aunt and mother the mother is still living does the brothers wife get his share of the property?
It depends. The three owners of the property are listed on the deed either as "cotenants" or "cotenants with right of survivorship." If they are listed simply as "cotenants," then it may be that the wife gets his share (but it actually depends on the laws where you live). If they are listed as "cotenants with right of survivorship," then the wife does not get his share (though, again, it actually depends on the laws where you live). She should consult a lawyer to find out what the situation is, but she should do it in such a way as not to antagonize the mother and aunt.
Do you get a balance if you're not joint on a checking account?
If you are not listed as a signer on the account you should receive absolutely no information about that account, including the balance.
Should all siblings be listed as joint tenants in California?
All siblings should be listed as joint tenants with the right of survivorship if your desire is that all siblings own the property and that upon death each sibling's interest would automatically pass to the surviving siblings.
How do you get your credit report via the internet?
The three major CRA's have directions on their websites for requests for online credit reports. However, not every CRA has every account holder listed or every account the person has listed. For instance,an account might be listed on Experian and Equifax but not on TransUnion or any combination thereof.
Can they freeze your child account if you are on it?
It depends on how you are "on it". If you are a joint-account owner, then yes they can freeze that account. If you are listed as the guardian of the child (therefore the account is in the child's name, but you control the account) then no they cannot freeze it.
