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bluefete wrote:pugboy wrote:what happens if the bank cards expire ?
Then yuh up a creek without a paddle.
Long ago, you get a card from the bank and the only time you replaced it, is if it was lost.
Now, it seems as if the banks are replacing the cards, every 2 years. Pressure.
Another alternative is to make the account joint - BUT - that has risks if you have a tusty child.
AND - even making an account joint in 2023 is worse than going to a dentist.
You continue to have access due to survivorship, similar to where if both parties own a deed and one dies the surviving party automatically becomes sole owner.pugboy wrote:^i have wondered this also
so if you have a joint account with a parent and the parent passes, the account is still active and can be used by me or will the bank freeze it?
Join account means you are also holder of the account and have access in case of death. No need to probate to access account.pugboy wrote:^i have wondered this also
so if you have a joint account with a parent and the parent passes, the account is still active and can be used by me or will the bank freeze it?
Joint account interests will also supercede any possible estate claims made against those accounts.pugboy wrote:good i just wanted to clarify that wrt joint accounts because you never know how banks could feel to squeeze ppl
pugboy wrote:^i have wondered this also
so if you have a joint account with a parent and the parent passes, the account is still active and can be used by me or will the bank freeze it?
goalpost wrote:So what about Annuities and Critical Illness insurance.
Who do these benefit my beneficiaries?
I think the Annuity matures at age 65, so a lump sum is paid out? Can I just leave it there for my kids?
Also how does the Critical Illness insurance works
bluefete wrote:pugboy wrote:^i have wondered this also
so if you have a joint account with a parent and the parent passes, the account is still active and can be used by me or will the bank freeze it?
Hover 11 and Kickstart are both correct. Once your name is on the account, you can continue to use it if the other person dies.
After, if you now want to add someone else to the account, the stress you get will depend on the bank.
RBC requires you to open a new joint account if one person dies and you want to add someone else. They like the Rastas - dey doh deal up with de dead.
Long ago, you just walked in and said who you wanted to add and that was it. Today, you have to bring the marish and the parish.
meccalli wrote:bluefete wrote:pugboy wrote:^i have wondered this also
so if you have a joint account with a parent and the parent passes, the account is still active and can be used by me or will the bank freeze it?
Hover 11 and Kickstart are both correct. Once your name is on the account, you can continue to use it if the other person dies.
After, if you now want to add someone else to the account, the stress you get will depend on the bank.
RBC requires you to open a new joint account if one person dies and you want to add someone else. They like the Rastas - dey doh deal up with de dead.
Long ago, you just walked in and said who you wanted to add and that was it. Today, you have to bring the marish and the parish.
Currently dealing with this, had a joint roytrin acc with my grandfather..now would like to add my parents onto it in case of anything in the future but it's lot of runaround...
meccalli wrote:Nope..hence the challenge now.
Rory Phoulorie wrote:Just a word of advice on life insurance policies.
NEVER name a beneficiary in your life insurance policy. Put your beneficiary as "ESTATE" and name your beneficiary in a will.
Because if you name a beneficiary in your life insurance policy and you want to change the beneficiary for whatever reason, the named beneficiary has to sign off (through a lawyer) as giving up rights to the insurance policy. Depending on your relationship with the named beneficiary, they could make it virtually impossible for you to change the beneficiary.
With "ESTATE" being the beneficiary, you can name whoever you want in your will and change it whenever you want.
The insurance agents don't tell you the above when you are naming a beneficiary. It is in their interest to not tell you as the only way to get rid of the beneficiary if named is to cancel the policy and take out a new one, which in all likelihood will incur increased premiums for the same level of coverage.
Alot of ppl in trinidad does get it twisted, that once you separated things nice when you die. If you are separated, you are still very much Legally married and the person who you may detest the most at that point will claim everything or majority of such you own when you passpugboy wrote:plenty divorced men get ketch with dat
bluefete wrote:With respect to parents plans:
Having gone through the trauma of probating a will, I have tried to dispose or make provincial arrangements for almost all of my assets.
House, land already drawn up with child(ren) as co-owners BUT nobody getting nutten until wifey and I dead and then some ...
And we have to die from natural causes, eh. No killing me to make it look like suicide.
Some of allyuh children real tusty out here and could barely wait for your parents to croak.
Only the person named on the account has rights of survivorship in British common law countries.shaneelal wrote:As we're on this topic - if you have a joint account with your parent, get married then die or get divorced, can the spouse have claim to funds in that joint account ?
pugboy wrote:good i just wanted to clarify that wrt joint accounts because you never know how banks could feel to squeeze ppl
adnj wrote:Only the person named on the account has rights of survivorship in British common law countries.shaneelal wrote:As we're on this topic - if you have a joint account with your parent, get married then die or get divorced, can the spouse have claim to funds in that joint account ?
pugboy wrote:plenty woman would not be happy about this thread
88sins wrote:adnj wrote:Only the person named on the account has rights of survivorship in British common law countries.shaneelal wrote:As we're on this topic - if you have a joint account with your parent, get married then die or get divorced, can the spouse have claim to funds in that joint account ?
It ain't that simple.
Let her file for divorce and bring that account up in court, and see how fast you lose half of your share of the money in it.
If you die, your share in the account is still considered part of your estate and as a result she can claim it. Estates consist of ALL assets, whether wholly or jointly owned.
88sins wrote:adnj wrote:Only the person named on the account has rights of survivorship in British common law countries.shaneelal wrote:As we're on this topic - if you have a joint account with your parent, get married then die or get divorced, can the spouse have claim to funds in that joint account ?
It ain't that simple.
Let her file for divorce and bring that account up in court, and see how fast you lose half of your share of the money in it.
If you die, your share in the account is still considered part of your estate and as a result she can claim it. Estates consist of ALL assets, whether wholly or jointly owned.
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