Bank accts - I need some help

[royalmix]

Understand your point of going thru the proper legal process.
I’m here to seek for a simpler alternative esp in my case , there will never be a dispute between my dad and I on who shd get the monies . I’m totally fine to close this ac and open another joint account wif my dad

So long you and your dad agree to whatever you do, it is legal. Legally, you are a 100% bene for the joint account, unless your dad dispute that those are your mum's monies which she does not intend to "gift" it to you.

You and your dad as the final legal say, always better to settle within the family than invoke the law to settle possible family disputes. Dun follow the book blindly, so long you are not like the Lee Family!

 

[royalmix]

Yup it’s definitely wrong to use someone else’s card but we are ok wif that .. after all aunt is considered as family member albeit a more distant one

Yes, so long you and dad are agreeable and also believe it could be mum's final wish, you and dad made it legal without letting the bank know, is ok!

 

[BBCWatcher]

No other concern tat you guys are missing cos I know that the correct process is the probate process .. so coming here to check whether there is an easier (fuss-free) alternative

The only alternative I can think of is if the facts are different than they seem to be, notably that your late mother left a valid will. If she left a will then her instructions must control as long as they're legal. (She cannot leave her estate to a terrorist organization, for example.) There's still probate, but the allocation of her estate is per her will.

Probate for simple estates (like your late mother's) is VERY fuss free if you merely delegate. Many charities should be able to do this for you as long as you're reasonably generous. If you don't mind the DIY process it's explained here. Your ability to find and to post to this forum suggests the DIY process will not be any challenge for you. Or you can hire a lawyer if the DIY process concerns you and you don't want a charity's lawyer (or DIYer) to handle it. I think Henry has hired a probate lawyer once or twice, so perhaps he has a recommendation (via DM I suggest).

 

[royalmix]

This I worried oso
Not sure whether banks have records of deceased and will carry out matching.

then effectively close the accts say after a certain number of years

Some banks do adhoc matching to possibly identify reasons why those accounts which are dormant, could it be because the person is dead. They will then following up on those accounts

 

[gracehsu]

So long you and your dad agree to whatever you do, it is legal. Legally, you are a 100% bene for the joint account, unless your dad dispute that those are your mum's monies which she does not intend to "gift" it to you.

You and your dad as the final legal say, always better to settle within the family than invoke the law to settle possible family disputes. Dun follow the book blindly, so long you are not like the Lee Family!

The joint ac monies are all automated monthly transfers from my own bank acct to the joint acct.. so my conscience is totally clear

 

[BBCWatcher]

So long you and your dad agree to whatever you do, it is legal.

Exotic exceptions excluded, but that's not the problem. Probate documents all such "side" agreements. Because when any of the parties to these hypothetical agreements passes on their heirs won't have any legally contestable issues.

Probate also effectively pre-settles any subsequent discoveries of unknown assets. And there are frequently unknown assets that are later discovered.

 

[gracehsu]

The only alternative I can think of is if the facts are different than they seem to be, notably that your late mother left a valid will. If she left a will then her instructions must control as long as they're legal. (She cannot leave her estate to a terrorist organization, for example.) There's still probate, but the allocation of her estate is per her will.

Probate for simple estates (like your late mother's) is VERY fuss free if you merely delegate. Many charities should be able to do this for you as long as you're reasonably generous. If you don't mind the DIY process it's explained here. Your ability to find and to post to this forum suggests the DIY process will not be any challenge for you. Or you can hire a lawyer if the DIY process concerns you and you don't want a charity's lawyer (or DIYer) to handle it. I think Henry has hired a probate lawyer once or twice, so perhaps he has a recommendation (via DM I suggest).

Definitely no will …. her passing on was totally unexpected 🥹🥹

 

[royalmix]

Exotic exceptions excluded, but that's not the problem. Probate documents all such "side" agreements. Because when any of the parties to these hypothetical agreements passes on their heirs won't have any legally contestable issues.

Probate also effectively pre-settles any subsequent discoveries of unknown assets. And there are frequently unknown assets that are later discovered.

you can follow the book!

I know what my parents had, there is no need to invoke the law, there is harmony within my family, every thing was settled within the family, no need law. So I am sharing indirectly my own experience.

 

[BBCWatcher]

you can follow the book!

Yes, and in this case that's the only way to liberate Account B, the account that's solely in the name of the decedent. And any/all other future discovered assets that are not effectively accessible. There's potentially significant money at stake.

Moreover, the financial institution is allowed to deduct dormant account fees. Every month that passes without probate resolution likely erodes not only the real value of those assets but also their nominal value.

 

[reddevil0728]

So long you and your dad agree to whatever you do, it is legal. Legally, you are a 100% bene for the joint account, unless your dad dispute that those are your mum's monies which she does not intend to "gift" it to you.

You and your dad as the final legal say, always better to settle within the family than invoke the law to settle possible family disputes. Dun follow the book blindly, so long you are not like the Lee Family!

Yes, so long you and dad are agreeable and also believe it could be mum's final wish, you and dad made it legal without letting the bank know, is ok!

you can follow the book!

I know what my parents had, there is no need to invoke the law, there is harmony within my family, every thing was settled within the family, no need law. So I am sharing indirectly my own experience.

The final decision of the beneficiaries might be the same and “legalise” the outcome.

but it he process of getting there has to be legal too.

so let’s not conflate what might happen in practice and what’s on the books.

it’s ok to share experience with TS/readers of this forum to decide.

but mixing it up with drawing a conclusion that it’s totally above board is misleading

 

[gracehsu]

The final decision of the beneficiaries might be the same and “legalise” the outcome.

but it he process of getting there has to be legal too.

so let’s not conflate what might happen in practice and what’s on the books.

it’s ok to share experience with TS/readers of this forum to decide.

but mixing it up with drawing a conclusion that it’s totally above board is misleading

Its ok.. juz listening to all views . The onus is of course on me to assess n decide on how to proceed

thank you

 

[royalmix]

The final decision of the beneficiaries might be the same and “legalise” the outcome.

but it he process of getting there has to be legal too.

so let’s not conflate what might happen in practice and what’s on the books.

it’s ok to share experience with TS/readers of this forum to decide.

but mixing it up with drawing a conclusion that it’s totally above board is misleading

It is common sense, what is not legal is decided by both grace and dad, it becomes illegal only when there is dispute! It is a family matter. Dun follow the book blindly! Work smart!

 

[royalmix]

Its ok.. juz listening to all views . The onus is of course on me to assess n decide on how to proceed

thank you

Yes, you and dad are the legal person! Do not fear about the fees bank will charge: first check which bank, then check do they charge, if account is zero, there is nothing to charge and some banks auto close dormant zero accounts. Inactive accounts - do they charge - I have inactive/dormant zero account with scb at no charge!

 

[BBCWatcher]

There's also the Public Trustee, eventually, that (I think) collects a portion of the abandoned property (the remaining balance of the bank account). So these funds do not age well.

I'm not quite clear on whether this late mother had another daughter or not. If there's another child (a sibling or half sibling of Gracehsu's) then the Intestate Succession Act dictates that half the estate goes to the husband and the remaining half is split equally among the children (Gracehsu and her sibling). In that event Gracehsu's inheritance of the joint account balance may be as low as 67.5%. Yes, I understand the source of funds representation, and that argument may triumph. But probate settles that question legally.

....But this sibling could be a sibling of the father, and if so "never mind" for the immediate inheritance purposes.

 

[gracehsu]

Thanks guys.. very much appreciated
I need to hv a clear mind to think about this.

guess I hv to find out more … esp the part on my mommy’s other assets .. that will likely complicate matters further if I bypass the probate route

 

[ClassyNFabulous]

A is correct

for B does she hv the bank book or only online account? if really dun hv info, bring along her death cert to bank to ask for more info of her bank account.

any possibility yr dad or other siblings knw abt it?

i only scared bank wana freeze it upon their own audit dat tis has pass away. u better get tis done asap.

freeze means cannot hv movements. let the state handle worr

 

[BBCWatcher]

...if account is zero, there is nothing to charge and some banks auto close dormant zero accounts.

The bank is under no obligation to disclose the balance or even existence of this account to Gracehsu absent proper legal procedure.

 

[royalmix]

The bank is under no obligation to disclose the balance or even existence of this account to Gracehsu absent proper legal procedure.

She had been given appropriate suggestions how to handle Acct B.
She is done, I am done too. You can continue on your own!

 

[gracehsu]

The bank is under no obligation to disclose the balance or even existence of this account to Gracehsu absent proper legal procedure.

Acct B is not impt.

but now I see that the situation is not as simple as wat I initially envisaged esp wif my dad in the picture.

 

[gracehsu]

She had been given appropriate suggestions how to handle Acct B.
She is done, I am done too. You can continue on your own!

Thank you so much.. it’s good to know tat I hv another route for this