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Help.. what happens to the sum of $$ in the joint acct which is in five digits when 3rd joint holder party died?

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shiranaihito
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Help.. what happens to the sum of $$ in the joint acct which is in five digits when 3rd joint holder party died?

Postby shiranaihito » Wed, 16 Jan 2019 2:00 pm

Help..

What happens to the sum of money in the joint account which is in five digits when the third joint holder party passed away?

There are 3 parties in a joint account. Only the main holder is contributing, the main holder's purpose of asking the other two parties are his elder relatives who he respected to safeguard the money to prevent him from spending.

Lately, he received a reply from the bank that says his joint account has become a deceased's account and he can not deposit or withdraw anymore. When he went to the bank personally to close the joint account providing the death certificate of his beloved aunt, they said cannot close, need to go to the public trustee to settle.

Blurred, how come he cannot close his joint account, why need to involve another party (public trustee)? He has never heard of them until the bank told him. :???:

Is anyone aware of this, been in such scenario before?

Please advise..

Appreciated very much.

MikeJones
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Re: Help.. what happens to the sum of $$ in the joint acct which is in five digits when 3rd joint holder party died?

Postby MikeJones » Wed, 16 Jan 2019 2:52 pm

Because the account may be considered part of the deceased's estate therefore he can't just close the account and wander off with the cash. The public trustee deals with estates hence the bank referring to them.

Mike

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Re: Help.. what happens to the sum of $$ in the joint acct which is in five digits when 3rd joint holder party died?

Postby sundaymorningstaple » Wed, 16 Jan 2019 6:25 pm

It will distributed by the Public Trustee in equal shares as apparently the deceased did not leave a will, therefore the estate is handled by the Publich Trustee. It will distribute all the estate according the the Intestacy/Inheritance rules in Singapore. This will be done by the Public Trustee after they deduct their fees.

What are the fees charged by the Public Trustee for the administration of Estate?
Value of Estate Charge
For the first $5,000 6.50%
For the next $2,000 6.00%
For the next $3,000 4.25%
For the next $10,000 2.75%

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Re: Help.. what happens to the sum of $$ in the joint acct which is in five digits when 3rd joint holder party died?

Postby PNGMK » Wed, 16 Jan 2019 9:39 pm

Accounts can be set up with survivorship rules but I suspect OP was trying to hide money from a divorce with the joint account. A common and despicable tactic here. (The court order cannot touch money jointly owned unless both are parties to the divorce).
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shiranaihito
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Re: Help.. what happens to the sum of $$ in the joint acct which is in five digits when 3rd joint holder party died?

Postby shiranaihito » Thu, 17 Jan 2019 4:31 pm

Thanks all.

Appreciated very much on the prompt response.


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