Bank accts - I need some help

[gracehsu]

I need some help regarding closure of bank accts.

My mommy has passed on for close to 3 years and I’ve been in denial for too long Time for me to face the reality.

I think she has 2 accts :-
(A) joint acct wif me . This one I can access online etc
(B) another acct which she has but I hv no details at all other than I’m sure she has

questions:-
1) I should be able to withdraw all the monies in acct A since I’m a joint acct holder.. anyway all monies in there are my contributions — correct?
2) I can write to the bank to ask for info of her acct B?

will I get into trouble for not informing bank of her demise if I do step (1) first and then try to find out abt her acct B?

thank you

 

[bitsoffish]

https://www.dbs.com.sg/personal/estateplanning
DBS has some steps laid out, which you can follow.

 

[gracehsu]

https://www.dbs.com.sg/personal/estateplanning
DBS has some steps laid out, which you can follow.

Thanks
Ok assuming that I don’t want to go thru the trouble of getting legal executor docs etc, can I juz do step 1 ( cos the monies in there are quite substantial) and forget abt bank B

 

[reddevil0728]

Thanks
Ok assuming that I don’t want to go thru the trouble of getting legal executor docs etc, can I juz do step 1 ( cos the monies in there are quite substantial) and forget abt bank B

You probably can. But is it about having enough? Or do you want closure?

 

[gracehsu]

You probably can. But is it about having enough? Or do you want closure?

What do u mean?
I reckoned acct B at max is $10k
Dun really want to go trouble of legal docs etc unless it’s really a breeze

would it be ok if I juz trf all the monies in A back to my own acct now? Since I joint holder and then after another year of denial, then I start taking action for bank B? Will I get into trouble for transferring the money in bank A to my own acct?

 

[BBCWatcher]

Why don’t you invite a charity (she cared about) to claim all of the proceeds of the second account less legal costs? Guarantee the charity they’ll be $500 ahead at the end (if the account value doesn’t cover costs adequately). Then let them figure out probate. They can probably do this in a way that you qualify for tax relief if the charity is an Institution of Public Character. (You legally inherit the assets then make a substantial donation from that account’s proceeds.)

Also check the Public Trustee’s list of unclaimed estates to see if the account ended up there.

 

[lzydata]

The legal question of who owns the monies in a joint account is actually quite complicated and interesting.

Most people assume that if one owner of the joint account passes away, then that other owner will be able to claim all the money in the account. In law, this is known as the “right of survivorship”. In fact, many banks state in their terms and conditions that they have the right to pay out all the monies to the surviving joint account holder.

However, in the event of a legal dispute between the surviving joint account holder and the estate of the deceased joint account owner, things are usually not so straightforward.

https://singaporelegaladvice.com/law-articles/joint-bank-account-monies-one-owner-dies/
In your case, I guess there will be no legal dispute, but you can check with your bank. They deal with this all the time and will know better.

 

[gracehsu]

The legal question of who owns the monies in a joint account is actually quite complicated and interesting.

Most people assume that if one owner of the joint account passes away, then that other owner will be able to claim all the money in the account. In law, this is known as the “right of survivorship”. In fact, many banks state in their terms and conditions that they have the right to pay out all the monies to the surviving joint account holder.

However, in the event of a legal dispute between the surviving joint account holder and the estate of the deceased joint account owner, things are usually not so straightforward.

https://singaporelegaladvice.com/law-articles/joint-bank-account-monies-one-owner-dies/
In your case, I guess there will be no legal dispute, but you can check with your bank. They deal with this all the time and will know better.

Yup.. definitely no legal dispute
Juz want to know the easiest way and not keen to check wif bank unless absolutely necessary

 

[havetheveryfun]

Yup.. definitely no legal dispute
Juz want to know the easiest way and not keen to check wif bank unless absolutely necessary

why dont want check ?
u can check what is the process then if the process is too troublesome then decide not to do it. checking should be fast.

 

[henrylbh]

I need some help regarding closure of bank accts.

My mommy has passed on for close to 3 years and I’ve been in denial for too long Time for me to face the reality.

I think she has 2 accts :-
(A) joint acct wif me . This one I can access online etc
(B) another acct which she has but I hv no details at all other than I’m sure she has

questions:-
1) I should be able to withdraw all the monies in acct A since I’m a joint acct holder.. anyway all monies in there are my contributions — correct?
2) I can write to the bank to ask for info of her acct B?

will I get into trouble for not informing bank of her demise if I do step (1) first and then try to find out abt her acct B?

thank you

Was there an administrator (no will) or executor (with will) appointed to deal in the estate. Appears to be none?

Besides yourself, are there any siblings?

The bank will never disclose any info on acct B unless requested by legal representative.

There shouldn't be a problem closing acct A without informing bank about acct B. Let it be if you are not interested in acct B. One way is to show death cert and your relationship. If less than $5k balance, the bank might release the money. If not, let the bank decides what to do and you do nothing. Best if account more than $5k is to obtain a probate that cause less than $2.5k.

I still have a joint account with my father who passed away more than 5 years ago. Two other joint accounts with him were closed within one year. I also have an estate account in the name of my father. In fact, I am also an administrator and an executor of another 2 estate accounts. Still wondering how my beneficiary/ies are going to handle them when I pass away intestate

 

[gracehsu]

why dont want check ?
u can check what is the process then if the process is too troublesome then decide not to do it. checking should be fast.

Dun wan to beat grass alert snake

 

[reddevil0728]

Dun wan to beat grass alert snake

hmmm what's there to alert if there's nothing to hide?

 

[gracehsu]

Was there an administrator (no will) or executor (with will) appointed to deal in the estate. Appears to be none?

Besides yourself, are there any siblings?

The bank will never disclose any info on acct B unless requested by legal representative.

There shouldn't be a problem closing acct A without informing bank about acct B. Let it be if you are not interested in acct B. One way is to show death cert and your relationship. If less than $5k balance, the bank might release the money. If not, let the bank decides what to do and you do nothing. Best if account more than $5k is to obtain a probate that cause less than $2.5k.

I still have a joint account with my father who passed away more than 5 years ago. Two other joint accounts with him were closed within one year. I also have an estate account in the name of my father. In fact, I am also an administrator and an executor of another 2 estate accounts. Still wondering how my beneficiary/ies are going to handle them when I pass away intestate

I was in denial .. so nothing was done at all.. can’t accept that my mommy has left me.

Amt in acct A is substantial
only child

 

[gracehsu]

hmmm what's there to alert if there's nothing to hide?

I mean if I ask them, they will know my mom passed on, no?

 

[reddevil0728]

I mean if I ask them, they will know my mom passed on, no?

why are you afraid that they know your mom has passed on?

 

[gracehsu]

why are you afraid that they know your mom has passed on?

Nothing to be afraid of
I juz wan to trf the bank acct A without going thru the legal process since it’s easily done via online banking

my worry is - if next year, I want to find out more abt acct B, I wil hv to contact the bank for more info. My worry is “will they question me on why I trf all the money from bank A this year without informing them of my mom demise.. assuming I trf this year”

sorry Ah.. mars n venus brains work differently . Venus are more popo mama

 

[reddevil0728]

Nothing to be afraid of
I juz wan to trf the bank acct A without going thru the legal process since it’s easily done via online banking

my worry is - if next year, I want to find out more abt acct B, I wil hv to contact the bank for more info. My worry is “will they question me on why I trf all the money from bank A this year without informing them of my mom demise.. assuming I trf this year”

sorry Ah.. mars n venus brains work differently . Venus are more popo mama

you have the right to touch the money in A anytime even if the other party is alive right?

 

[royalmix]

I need some help regarding closure of bank accts.

My mommy has passed on for close to 3 years and I’ve been in denial for too long Time for me to face the reality.

I think she has 2 accts :-
(A) joint acct wif me . This one I can access online etc
(B) another acct which she has but I hv no details at all other than I’m sure she has

questions:-
1) I should be able to withdraw all the monies in acct A since I’m a joint acct holder.. anyway all monies in there are my contributions — correct?
2) I can write to the bank to ask for info of her acct B?

will I get into trouble for not informing bank of her demise if I do step (1) first and then try to find out abt her acct B?

thank you

Once the bank knows she had passed away, both accounts will be frozen, so dun beat grass wake up snake!

Joint account, withdraw asap since you are the only beneficiary, alone you can close it.
Second account write in to bank with prove of your relationship, if bank is nice (5k according to some banks, more see bank nice or not), they might allow you to withdraw with no conditions, hopefully. Not urgent to do, dun beat grass wake up snake and affect your first account

 

[gracehsu]

you have the right to touch the money in A anytime even if the other party is alive right?

Yup but now the other party no longer around so I believe it shd be different.

on hindset, I din even think of trf the monies out when she was terminally ill

 

[reddevil0728]

Yup but now the other party no longer around so I believe it shd be different.

on hindset, I din even think of trf the monies out when she was terminally ill

think about it this way. the only ppl who can tell you whether the bank will do anything or not is the bank itself.

so is either u do it once do it good. or just don't do it till you are ready.