A will vs joint account

goodheart SG

Let say your mother open a joint bank account with her sister name and all the money in the account belongs to your mother and you are the only child.

Your mother writes a will saying that when she is dead all her assets will give to you.

So in this case will the joint account money go to her sister or go to you?

Or you will have to prove in court that all the joint account money belongs to your mother and not her sister?

What if her sister go and withdraw all the money and use it for herself?

FireIce SG

half half

goodheart SG

what if the sister draw out all the money and use it before you can get the lawyer to claim the money?

FireIce SG

hong gan loh.

TTFU SG

You still can sue her and ask her to pay back

goodheart SG

I heard some people say the remaining survivor of the joint account holder will get the money irregardless of what is written in the will

mancha SG

Joint account, joint tenancy, survivor takes all.

Old people like joint things, because they afraid government will take when they die.

FireIce SG

in the will can specify how much in the acct to give to whoever

mancha SG

Lau lang usually give instruction to the holder to share with the other siblings, but when they die, the holder just keep quiet and take all.

A will can be made, then the survivor would just be a trustee of the deceased share.

Bank will not bother if the survivor share with the siblings. Up to the court to order the survivor to hand over the money to the estate.

goodheart SG

Lau lang usually give instruction to the holder to share with the other siblings, but when they die, the holder just keep quiet and take all.

A will can be made, then the survivor would just be a trustee of the deceased share.

Bank will not bother if the survivor share with the siblings. Up to the court to order the survivor to hand over the money to the estate.

whats trustee?

granslime SG

whats trustee?

Someoen who manages the assets ($$$) of another person.

In this case, trustee is the sister of the deceased, beneficiary is the child of deceased. If beneficiary is below 21, trustee helps to take care of the $$$ until the child is 21. Once child is 21, he/she entitled to claim back from the sister of the deceased.

Joint account means the $$$ inside 50:50 split, irregardless who contributed how much into that account. Rule of survivorship doesn't apply here because there is a written will by the deceased. Rule of survivorship is only a general rule. The will is a specific instruction of the deceased and will override the general rule (correct me if I'm wrong)

goodheart SG

Someoen who manages the assets ($$$) of another person.

Joint account means the $$$ inside 50:50 split, irregardless who contributed how much into that account. Rule of survivorship doesn't apply here because there is a written will by the deceased. Rule of survivorship is only a general rule. The will is a specific and will override the general rule (correct me if I'm wrong)

So that means if the child is already above 21 he/she will get the money from the joint account?

What if the mother's sister also writes a will saying that all her money including the joint bank account will give to her own children?

granslime SG

So that means if the child is already above 21 he/she will get the money from the joint account?

What if the mother's sister also writes a will saying that all her money including the joint bank account will give to her own children?

The joint account is already split 50:50.

e.g. the account has $10,000. If no will is written by deceased, all $10,000 goes to the mother's sister.

Now the deceased has a will, the child is entitled to $5,000 of the account. If the mother's sister has a will too, the other $5,000 goes to the mother's sister's children.

Sounds messy but try to digest. And yea, above 21 $$$ automatically can take le. (again, other forumners correct me if I'm wrong. What i type is only based on my knowlegede and I don't wish to mislead people)

goodheart SG

The joint account is already split 50:50.

e.g. the account has $10,000. If no will is written by deceased, all $10,000 goes to the mother's sister.

Now the deceased has a will, the child is entitled to $5,000 of the account. If the mother's sister has a will too, the other $5,000 goes to the mother's sister's children.

what if the mother sister draw out all the money before the child who is above 21 can get the lawyer to claim it?

When the lawyer is helping the child to claim the money, he will have to inform the judge that the mother's sister have taken the money and do not want to give it out now for distribution?

granslime SG

Show the lawyer the will that the mother drafted. Take the mother's sister to court if the beneficiary wants back the money. But if the sum is negligible, don't appear in court la. looks ugly sia, relatives fighting for money, even though the trustee is wrong to take all the $$$.

goodheart SG

I think its not up to you to decide whether want to sue the mother's sister anot.

because when you take over the assets you are required to pay taxes to the government so if you make a declaration that your mother's money have been taken by her sister that is a criminal charge and the police will charge her.

but not sure what the police will charge her. maybe charge her with stealing the money etc..

granslime SG

I think its not up to you to decide whether want to sue the mother's sister anot.

but not sure what the police will charge her. maybe charge her with stealing the money etc..

1 wrong can result in 2 charges. Law is divided into civil and criminal law. What you mentioned is criminal law. What i mentioned is civil law. Both can co-exist one. So you can sue & claim back the $$ $(civil law) and what you mentioned the police is charge her (criminal law)

βέτά SG

13. INDIVIDUAL/JOINT ACCOUNT(S)

13.1 Where the Customer is an individual, the Customer's executor or administrator shall be the only persons recognised by the Bank as the Customer's successor in the event of the Customer's death. Upon notice of the Customer's death, the Bank shall be entitled to freeze the Account until such time the Customer's successor produces a grant of probate or letters of administration.

13.2 If any Account(s) is/are opened in the names of two or more persons ("Joint Account(s)"), such persons shall be jointly and severally liable for all liabilities incurred on the Joint Account(s).

(a) Where the Joint Account(s) is/are operated with a single signing authority, instructions from any one of the Joint Account(s) holders will be accepted by the Bank and such instructions will be binding on the other Joint Account(s) holders.

If, prior to acting on instructions received from one Joint Account(s) holder, the Bank receives contradictory instructions from another Joint Account(s) holder, the Bank may choose to act thereafter only on the mandate of all the Joint Account(s) holders of the Joint Account(s) notwithstanding the Joint Account(s) require single signing authority.

Upon notice of the death of any one of the Joint Account(s) holders, the Bank shall be entitled to pay the credit balance in the Joint Account(s) to the survivor and if more than one survivor, in their joint names provided that prior to such payment, the indebtedness of any of the Joint Account(s) holders to the Bank shall first be set-off from the said credit balance.

(b) Where the Joint Account(s) is/are operated with joint signing authority, oral instructions will not be accepted by the Bank. Any written instructions may be given by the Account(s) holders in one or more counterparts, all of which when taken together shall constitute one and the same document.

Upon notice of the death of any one of the Joint Account(s) holders, the Bank shall be entitled to freeze the Account and to retain the credit balance in the Joint Account until such time the Joint Account(s) holder's successor produces a grant of probate or letters of administration.

(c) The Joint Account(s) holder and their estate, together with the other Joint Account(s) holders, undertake to indemnify the Bank and to keep the Bank indemnified against all claims, costs, expenses, losses and damages, including those arising from:-

(i) the payment of the credit balance in the Joint Account(s) to the survivor(s) in the manner stated as aforesaid;

(ii) the freezing of the Joint Account(s) and the retention of the credit balance in the Joint Account(s) in the manner stated as aforesaid; and

(iii) any dispute between any of the Joint Account(s) holder(s) and any personal representatives of the deceased Joint Account(s) holders.

The Bank shall be entitled to debit from the Joint Account(s) such claims, costs, expenses, losses and damages at the Bank's sole and absolute discretion.

13.3 Upon production of a grant of probate or letters of administration, the Bank may, on the request of the Customer’s successor, open an Account in the name of the estate of the deceased. The executor, the administrator of the estate or the personal representative of the deceased shall operate the Account in accordance with the probate or the letters of administration so granted.

goodheart SG

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This means that the mother's sister can withdraw all the money as it is a single signing authority and that the will stating the money goes to her son is voided?

granslime SG

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This means that the mother's sister can withdraw all the money as it is a single signing authority and that the will stating the money goes to her son is voided?

What you showned is normal day to day activity. But when one of the account holders is deceased, the bank willl freeze the account according to the article so that the beneficiary can go show the will.