please help out!! is the bank going to keep the money if the deceased dont have any nxt of kin?if not,what are they gonna do?
2007-10-07 04:58:59 · 11 answers · asked by zyxa_20 1 in Business & Finance ➔ Personal Finance
If they have no will and no heirs the government gets the money. Smart people make a will so they can at least leave it to charity or a friend.
2007-10-07 05:15:13 · answer #1 · answered by shipwreck 7 · 0⤊ 0⤋
The bank keeps it until notified by the court what to do with the estate. After a certain amount of time the bank would send it to the state to hold in "unclaimed property".
Is this your money? Getting a will that spells out what should happen to the money is the best way to go. Before someone dies.
2007-10-07 05:13:36 · answer #2 · answered by Gem 7 · 1⤊ 0⤋
The money should go to whomever the deceased willed it to, if there is now will at some point the money will be placed it the state unclaimed funds account until it is claimed. in no case can the bank keep the money as you and others here seem to believe.
2007-10-07 05:11:11 · answer #3 · answered by chief_320 2 · 0⤊ 0⤋
The court will process probate , giving first consideration to wills and trusts but also considering the Payable On Death notices on file for accounts .
The probate court resolves the estates of deceased ,
Not the banks .
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2007-10-07 05:04:03 · answer #4 · answered by kate 7 · 0⤊ 0⤋
fee reductions bills pay interest in accordance with a proportion, say 5% so the extra money you have the greater interest you're making. some varieties of bills earn greater funds with the aid of fact the quantity of time you bypass away the money there is longer, ie you won't be able to draw on it for a month or a 300 and sixty 5 days. additionally fees would variety fairly based on the economic company. Swiss banks do no longer unavoidably pay an greater interest than a economic company someplace else interior the international, although distinct currencies pay distinct fees of interest, often extensively per the fee of interest on the considerable economic company in that united states of america. you've got a Swiss Franc (CHF) account with a economic company interior the united kingdom or yet another united states of america in case you want. you won't be able to open a economic company account on line everywhere now with out having to offer anti money laundering training including evidence of identity and source of money, even with the place that's interior the international. in case you actual would desire to ask for this suggestion yahoo isn't the final place to get your answer.
2016-10-10 11:38:08 · answer #5 · answered by nein 3 · 0⤊ 0⤋
Most states have laws that assets (money) remain dormant after a period of time, they asset is turned over to the state's Department of Revenue or other financial authority. The person or their heirs (with appropriate paperwork) can collect said assets after the appropriate procedure is complied with.
2007-10-07 06:24:53 · answer #6 · answered by MSouthers 2 · 0⤊ 0⤋
should look for the instructions left by the deceased. or if the case is taken to court in which case the Judge decides what to do
2007-10-07 05:04:38 · answer #7 · answered by The Rugby Player 7 · 0⤊ 0⤋
If there are no next of kin government or whatever organization that is holding said property will take over ownership.
2007-10-07 05:02:39 · answer #8 · answered by grafxtasy 1 · 0⤊ 0⤋
they usually give the money to a family member but if the person does not have any family (witch is very rare) than the bank keeps it yes.
2007-10-07 05:05:19 · answer #9 · answered by Anonymous · 0⤊ 1⤋
if there isn't a beneficiary on the account, then the money goes into the general estate, and will get divided by the will
2007-10-07 05:02:29 · answer #10 · answered by music man 4 · 2⤊ 0⤋