My mother in law recently told me that she has my husbands name and her husbands name on her bank account.When i asked her why,she told me it was in case she died.I asked her why she didn't have her other sons name on the account to and she said it didn't matter if his name was on there or not because he is still going to get half no matter what.My question is,is she telling the truth or could there be another reason why she would have my husbands name on her bank account?Also can she gain access to our bank account because of it?
2006-12-21 09:29:48 · 7 answers · asked by Sassyface 2 in Business & Finance ➔ Personal Finance
For your info BOSTONIAN,my husband is the one who wanted to know why his name was on her account.And it IS his business!
2006-12-21 09:43:50 · update #1
She should not be able to access your accounts if she is not on them. It is not uncommon to have another family member on an account if the person is single. But since she has her husband on it, there really is no need for your husband to be on it. As far as inheritance goes, it doesn't matter, since if it is a joint account, the husband will still have access to all the money, the inheritance is part of her estate, not what would be considered his (her husbands) money.
2006-12-21 09:34:50 · answer #1 · answered by Marty 4 · 1⤊ 0⤋
I'm not sure where you're located but I am in Canada and used to work for one of the major financial institutions here. I believe that in order to have another person on a bank account you can't just have them added without their knowledge, but need to get them to sign documentation when the account is opened, or even later on, in order for them to agree that they are taking responsibility for the account. Unless it's "in trust" for your husband or something, but then I can't understand why she wouldn't put it "in trust" for both your husband and his brother.
Sometimes the elderly do get funny ideas about these things. If your husbands name is indeed on the account as an account holder then he should be able to get more information from the bank themselves.
No, she definitely should NOT be able to access any of your accounts or financial information. That is private and confidential and I would report any bank that gave out any information about you to anyone else without your consent. In Canada we have PIPEDA legislation: Personal Information Privacy Electronic Documents Act to cover privacy legislation.
2006-12-21 10:22:30 · answer #2 · answered by LindaLou 7 · 0⤊ 0⤋
She can't get access to your bank account unless you or your husband gives it to her. It does matter whose name is on a bank account. If she did die the bank account would go to her husband or your husband. She has no guarantee that the other son would get anything. She may want your husband's name on her bank account because she trust your husband.
2006-12-21 09:37:16 · answer #3 · answered by BamaJJP 3 · 1⤊ 0⤋
If there's a will then that's going to likely be presented to an honorable court docket for probate, after the selection who's the voluntary heirs & your mom is actual one of them, then the court docket ought to make an order for the exectution of the choose, in accordance to the choose. After the distribution of the legitimes to the compulsary heirs in which your mom is actual one of them, the loose component pertain to the voluntary heirs in which your mom is entitle also if she is a legatee or devisee interior the choose. Your mom is an compulsary inheritor presented with the help of regulation & at the same time a voluntary inheritor as presented with the help of the choose (Philippine regulation). evaluate the regulation on probate of a will in Jamaica, because the choose is performed there.
2016-12-01 01:41:14 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Who gets the $$$ on her passing depends on how the account is held. Joint tenants with right of survivorship, tenants in common, etc. If his hame is there POD, he gets it all upon her death. If the ownership does not pass on death, her will will decide how her share of the account will be distributed.
It's up to her who she puts on the account -- and none of your concern, by the way.
No, of course she cannot get access to YOUR bank account!
2006-12-21 09:35:57 · answer #5 · answered by Bostonian In MO 7 · 2⤊ 2⤋
She can't access your info but why she did this is beyond me.
2006-12-21 09:35:13 · answer #6 · answered by Anonymous · 1⤊ 0⤋
..........Mind your own business..........She cannot access your account unless you allow it..........Keep out of her family business it can cause trouble between you and your husband.......It does not concern you !!
2006-12-21 09:41:00 · answer #7 · answered by buzzwaltz 4 · 1⤊ 1⤋