Bank Joint account

invisible.hippo

Arch-Supremacy Member
Joined
Nov 8, 2008
Messages
17,902
Reaction score
315
In a joint account, upon death of the deceased, the survivor will receive the amount right?

What happens if the deceased has a will that all the asset of the deceased is given to C, what will C get from the joint account?

Will this rule still be valid?
13.2
If any Account(s) is/are opened in the names of two or more persons ("Joint Account(s)"), such persons shall be jointly and severally liable for all liabilities incurred on the Joint Account(s).

(a) Where the Joint Account(s) is/are operated with a single signing authority, instructions from any one of the Joint Account(s) holders will be accepted by the Bank and such instructions will be binding on the other Joint Account(s) holders.
 

Pegasus Sinbkk

Senior Member
Joined
Oct 30, 2012
Messages
625
Reaction score
0
For joint bank accounts, upon the death of a joint account holder, the balance in the account will go to the surviving joint account holder(s) as the account has lapsed to the survivor(s). In this case, any interest income earned after the date of death is not the income of the estate.

So says the taxman...

IRAS: Estate/Trust income - What to declare
 

invisible.hippo

Arch-Supremacy Member
Joined
Nov 8, 2008
Messages
17,902
Reaction score
315
For joint bank accounts, upon the death of a joint account holder, the balance in the account will go to the surviving joint account holder(s) as the account has lapsed to the survivor(s). In this case, any interest income earned after the date of death is not the income of the estate.

So says the taxman...

IRAS: Estate/Trust income - What to declare

but the will indicated that if a nominee, the nominee has a stake?
 
Important Forum Advisory Note
This forum is moderated by volunteer moderators who will react only to members' feedback on posts. Moderators are not employees or representatives of HWZ Forums. Forum members and moderators are responsible for their own posts. Please refer to our Community Guidelines and Standards and Terms and Conditions for more information.
Top