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Nairaland Forum / Nairaland / General / Business / What Happens To The Money In My Savings Account If I Die? (34675 Views)
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Re: What Happens To The Money In My Savings Account If I Die? by Nobody: 5:51pm On Jul 07, 2016 |
grace008:What are you saying? Even billionaires pay themselves salaries. The question is, where do the salaries go? |
Re: What Happens To The Money In My Savings Account If I Die? by aobinna79(m): 5:54pm On Jul 07, 2016 |
Are u having HIV/AIDS or CANCER, this one your thinking this way |
Re: What Happens To The Money In My Savings Account If I Die? by ezelos(m): 5:55pm On Jul 07, 2016 |
kingsman66:. Didn't you clearly read what he said. Didn't he denounce what he said? Wasn't he presuming a situation everyone is bound to experience? He was simply being hypothetical. Religion is truly the opium of the masses. |
Re: What Happens To The Money In My Savings Account If I Die? by Kakamorufu(m): 5:55pm On Jul 07, 2016 |
darkenkach:hahahahahahahahahhhhhaaaaaahaaaa |
Re: What Happens To The Money In My Savings Account If I Die? by murphyrichy(m): 5:58pm On Jul 07, 2016 |
Johnrake69:Thanks for informing us, pls how much does it cost to obtain a probate letter from the probate office? Because a friend lost his brother but when the family went to obtain a probate letter from the office they where asked to pay #200,000 meanwhile the money in the account is not up to 150,000. And secondly, I learnt getting such letters take time. I stand to be corrected, enlighten us more. |
Re: What Happens To The Money In My Savings Account If I Die? by Nobody: 6:00pm On Jul 07, 2016 |
Tinyemeka: Wills and Intestate Laws A last will and testament dictates who inherits a deceased person’s assets, including bank accounts if they are mentioned in the will. The will undergoes probate, taxes are assessed and the executor distributes the assets. A person who does not leave a will has died intestate. If no other provisions were made regarding the bank accounts, the state determines beneficiaries using its intestate laws. The probate court assigns an administrator who distributes all of the assets, including bank accounts, using the list of heirs in the state’s statutes of descent. The list begins with the closest living relative of the deceased person and continues through the line of descent. Under state laws, the bank might be required to send the funds to the state’s unclaimed property office if the rightful owner cannot be located. http://budgeting.thenest.com/happens-bank-accounts-someone-dies-26027.html |
Re: What Happens To The Money In My Savings Account If I Die? by haibe(m): 6:04pm On Jul 07, 2016 |
Thats the purpose of a WILL.. dont know of naija but based on UK law, the probate value of your estate will be shared among those you have authorised them to be shared to. A part of it will be subject to taxation after deducting necessary liabilities or expenses like funeral expenses. Some legacies will be exempt from tax tho. (e.g the part of ur estate u are giving to ur spouse or civil partner or even charity). I dont however know how it is done for someone who has no WILL. It will possibly be given to the next of kin if he/she tenders certain proofs of the relationship between them. |
Re: What Happens To The Money In My Savings Account If I Die? by Nobody: 6:07pm On Jul 07, 2016 |
musicwriter:sarcastic truth. |
Re: What Happens To The Money In My Savings Account If I Die? by Nobody: 6:09pm On Jul 07, 2016 |
ezelos:Karl Marx |
Re: What Happens To The Money In My Savings Account If I Die? by Nobody: 6:11pm On Jul 07, 2016 |
murphyrichy:corruption stinks in Nigeria. I dont know the actual amount, but for sure, that cannot be the set amount. |
Re: What Happens To The Money In My Savings Account If I Die? by haibe(m): 6:14pm On Jul 07, 2016 |
grace008: No billionaire will be so stupid to forfeit all liquidity for profitability. While it is good to invest with the likelihood of being profitable, not having cash in hand or at bank will ruin every operation you have currently. You can Read on Karl Max's "Reasons/Motives of Holding money" |
Re: What Happens To The Money In My Savings Account If I Die? by Tinyemeka(m): 6:30pm On Jul 07, 2016 |
franciskaine: Yours is in the state of Ohio. The onus lies on the probate court (by extension the administrator) to prove that all actions have been exhausted in searching for a living relative. Excerpt: 5. WHAT HAPPENS IF THERE IS NO WILL? If someone dies without a valid will, he or she is “intestate.” [b]Even if the decedent dies intestate, his or her probate assets are almost never turned over to the State of Florida. [/b]The state will take the decedent’s assets only if the decedent had no heirs. The decedent’s “heirs” are the persons who are related to the decedent and described in the Florida statute governing distribution of the decedent’s probate assets if he or she died intestate. If the decedent died intestate, the decedent’s probate assets will be distributed to the decedent’s heirs in the following order of priority: If the decedent was survived by his or her spouse but left no living descendants, the surviving spouse receives all of the decedent’s probate estate. A “descendant” is a person in any generational level down the descending line from the decedent and includes children, grandchildren, and more remote descendants. If the decedent was survived by his or her spouse and left one or more living descendants (all of whom are the descendants of both the decedent and his or her spouse), and the surviving spouse has no additional living descendants (who are not a descendant of the decedent), the surviving spouse receives all of the decedent’s probate estate. If the decedent was survived by his or her spouse and left one or more living descendants (all of whom are the descendants of both the decedent and his or her spouse), but the surviving spouse has additional living descendants (at least one of whom is not also a descendant of the decedent), the surviving spouse receives one-half of the probate estate, and the decedent’s descendants share the remaining half. If the decedent was not married at his or her death but was survived by one or more descendants, those descendants will receive all of the decedent’s probate estate. If there is more than one descendant, the decedent’s probate estate will be divided among them in the manner prescribed by Florida law. The division will occur at the generational level of the decedent’s children. So, for example, if one of the decedent’s children did not survive the decedent, and if the deceased child was survived by his or her own descendants, the share of the decedent’s estate which would have been distributed to the deceased child will instead be distributed among the descendants of the decedent’s deceased child. If the decedent was not married at his or her death and had no living descendants, the decedent’s probate estate will pass to the decedent's surviving parents, if they are living, otherwise to the decedent's brothers and sisters. Florida’s intestate laws will pass the decedent’s probate estate to other, more remote heirs if the decedent is not survived by any of the close relatives described above. https://www.floridabar.org/tfb/TFBConsum.nsf/48e76203493b82ad852567090070c9b9/92f75229484644c985256b2f006c5a7a?OpenDocument |
Re: What Happens To The Money In My Savings Account If I Die? by azelab: 6:38pm On Jul 07, 2016 |
death is not portion now by the grace of God, just be opened to your parent about bank detail if it is an huge amount of money meanwhile try to assist those people in need mostly your trust worthy siblin, wife and others. no one knows the time but we pray to live long. May God guide you alright. |
Re: What Happens To The Money In My Savings Account If I Die? by hotspec(m): 6:38pm On Jul 07, 2016 |
D best way to do is to inform ur next of kin of all d accounts you use him/ her, and try to have a standby will. |
Re: What Happens To The Money In My Savings Account If I Die? by odeyinugbolahan(m): 6:49pm On Jul 07, 2016 |
Am I the next of kin in all my father's documents and when he died I approached wema bank and some other financial institutions to claim aall he has with them. But unfortunately I was unable to retrieve most of them. For instance the old man has less than 50k in his wema savings acct but wema asked me to produce too many docs like copy of newspaper publication of his demise, etc. When I estimate all that will be spent and the time factor I might be left with virtually nothing. So I bone the money and face his shares... |
Re: What Happens To The Money In My Savings Account If I Die? by Ayomide93(m): 6:49pm On Jul 07, 2016 |
DY20:Don't mind him... Its not a devilish thinking. My Dad is my next of kin. Same thing happened when my elder sister died. She had close to 150k in her account and my mum was her next of kin. We went to bank simply, we were told to produce death certificate and see a lawyer who would put us through the process and a valid identification for my mom which was done. The bank would give a form to fill also and ask other personal details... The lawyer charged us just #6,000. And all of the stuffs the bank asked for was presented including death certificate and valid identification for my mom with a valid signed note from an high court magistrate. It was a rigorous process because I handled it myself but I had a friend who works with the bank and he helped facilitate the process. The lawyer would take you to court where questions would be asked from you and after that, your money would be given to you. The bank would remove a 10percent deduction though. I hope have helped with my own personal encounter. 3 Likes |
Re: What Happens To The Money In My Savings Account If I Die? by Dething: 6:49pm On Jul 07, 2016 |
kingsman66: Can you imagine our African religious mind? Must we always add religion to everything? People please plan, anything can happen. No one is praying for death though. |
Re: What Happens To The Money In My Savings Account If I Die? by Nobody: 6:51pm On Jul 07, 2016 |
Tinyemeka:you are getting it all wrong friend. I need remind you of the crux on which we quoted each other - "in saner societies, when no one lays claim to such money, it returns to the govt and not the bank. It's illegal for a bank to take what does not belong to it." My point of emphasis here is premised on a situation whereby no one lays claim to such property, what happens in such scenario? Does the bank or the govt take over such property? In societies like ours whr corruption is the order, the bank conceals such details and ponder on such money, but in advance societies whr financial checks and good ethical standards come into play, the society(govt) takes over as stated in the link I cited. Addendum :[/b]The state will take the decedent’s assets only if the decedent had no heirs. This is from ur link. Thanks anyway. |
Re: What Happens To The Money In My Savings Account If I Die? by Ayomide93(m): 6:53pm On Jul 07, 2016 |
Dething:Don't mind their foolish thinking. Like prayer stops us from dying. Prayer only prolongs our date date. Its good to plan ahead. My mom knows my atm pin in case anything happens to me. Its just precautionary measure... I don't have power over death... No one does! |
Re: What Happens To The Money In My Savings Account If I Die? by doncassey(m): 7:03pm On Jul 07, 2016 |
Stanbic IBTC Bank is the solution to all your problems. you can write a simple will and keep with us. The simple will covers all the money you have in ur accounts with all banks and also all d cash you ve in ur RSA, such that if anytin happens, the money goes to all d beneficiaries you have written in your will. If interested, send me a mail. |
Re: What Happens To The Money In My Savings Account If I Die? by Bruno3000(m): 7:19pm On Jul 07, 2016 |
Even if he lives a thousand yrs, he will still DIE! That applies to u too. kingsman66: |
Re: What Happens To The Money In My Savings Account If I Die? by Irreplaceable48(f): 7:36pm On Jul 07, 2016 |
darkenkach:You can't make some1 who older than you ur next of kin! |
Re: What Happens To The Money In My Savings Account If I Die? by Irreplaceable48(f): 7:37pm On Jul 07, 2016 |
darkenkach:You can't make some1 older than you ur next of kin! |
Re: What Happens To The Money In My Savings Account If I Die? by DY20: 7:39pm On Jul 07, 2016 |
Ayomide93:God bless you sir.. Advice comes easy from an experienced person.. You just give me a significant answer I can relate with. Thanks. |
Re: What Happens To The Money In My Savings Account If I Die? by DY20: 7:43pm On Jul 07, 2016 |
ichomi:I really don't feel like death is coming (though it is something everyone should expect).. The idea of the ATM have just occured to me.. I will stylishly let my Mum know my ATM password. I will encode it in such a way that she will remember after so many years.. That will do more benefit as that doesn't mean she will know my account balance details. Thanks. |
Re: What Happens To The Money In My Savings Account If I Die? by DY20: 7:49pm On Jul 07, 2016 |
moshino:I don't mind the bolded... I don't know what happens in heaven but my wish on earth is make life comfortable for my family.. Although what I left in my account is not something that will bring the comfort I dream of, but at one point, I will give joy to someone. |
Re: What Happens To The Money In My Savings Account If I Die? by Stevosty: 7:53pm On Jul 07, 2016 |
janvier27:once they have notice you said. So if for health reason you are unable to go the bank, and someone need money to help you, you also inform the bank? |
Re: What Happens To The Money In My Savings Account If I Die? by DY20: 8:00pm On Jul 07, 2016 |
pythonkid:I am a Yoruba man. |
Re: What Happens To The Money In My Savings Account If I Die? by charlsecy(m): 8:06pm On Jul 07, 2016 |
kingsman66:You are being fake and unreal. |
Re: What Happens To The Money In My Savings Account If I Die? by DY20: 8:08pm On Jul 07, 2016 |
GANDALF1:Beautiful! You just cured my confused mind.. |
Re: What Happens To The Money In My Savings Account If I Die? by janvier27(m): 8:17pm On Jul 07, 2016 |
Stevosty: Nope. It's death that canceis mandate. |
Re: What Happens To The Money In My Savings Account If I Die? by ashala(m): 8:27pm On Jul 07, 2016 |
Johnrake69: Seriously on point bro. I am a banker and you are 100 percent right! |
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