I have never been one of those people who runs with the wrong crowd, but about six months ago, I knew that I was in trouble. I was with someone when she did something against the law, and it made me a suspected accomplice. I knew that I needed help to prove my innocence regarding the involvement, so I started going through and talking with different criminal attorneys. I was able to find a great lawyer that really understood my position, and he did everything possible to prove my innocence. This blog is all about proving your innocence in court, so that you can move on with your life.
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Some people mistakenly assume that their bank account is unaffected by the death of the owner. Unfortunately, that can leave loved ones without the means to handle things after death. It's important to know how bank accounts are treated after death along with some solutions for coping with those issues. Read on and find out more about bank accounts and estates.
The Type of Bank Account Matters
The names and designations on a bank account matter a great deal when it comes to how things go after death. If the owner of the account has passed away and they were the sole owner, the account automatically becomes part of the estate. Unfortunately, that also means that the bank account and the contents are, at least temporarily, frozen. No money can come in or out of the account until probate has dealt with it and that can take several weeks if not months.
Types of Bank Accounts
Take a look at these options for titling bank accounts to see if one could be better for your situation.
1. Joint Ownership Accounts: Any time the deceased is joined by another on the account, the account is not treated as above and frozen. Rather, the joint account passes automatically to the other person or persons listed on the account after the death. Joint accounts are unaffected by death or probate.
2. Designated Signers: This way of doing things is one step under the joint ownership option and provides one or more people with check-writing or debit card privileges (before the death) and nothing else. Also known as limited powers of attorney, this designation alone provides no protection after the owner of the account dies. All banking privileges afforded the signers go away at the time of the death. It could help with those that are incapacitated, however.
3. Payable-on-death Designations: This provision allows an account owner to skip probate and turn the bank account over to another party after the death. Payable-on-death designations name one or more people as owners of a bank account but they have no rights to the funds until the owner dies. Upon the owner's death, the funds are automatically surrendered to named parties once the death certificate is available. The best thing about this way of dealing with a bank account is the ease. A simple, single form is all that is necessary to add as many names as you like. Once death occurs, the account is still frozen temporarily but the funds can be distributed in as little as a week.
You can control what happens to your bank accounts after death. Speak to an estate planning attorney to find out more.
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