Moving Money Around When Dying.

[bednobs]

Someone I know has been given a very short prognosis. They have some money in a long term account which has a 60 day withdrawal period. For ease they'd like that money to ho to their joint account. If they initiate a withdrawal then die before the transaction completes, will the money get stuck somewhere? Or can it go to the joi t account for the other person to use as theirs?

[Zacs-Master]

I think you’d have to ask the bank. I’m sure different banks will have different criteria. By ‘the other person’ do you mean the executor or a specific beneficiary?

[ubasses]

If things haven't changed since my retirement, it is all computerised, the account will be frozen on death and the transfer rejected on the due date.

[Hymie]

You need to look at the terms of the account, some notice accounts allow withdraws before the end of the investment term (but with a penalty), others do not allow access to the funds until the end of the investment term.

[bednobs]

The other person us the other joint account holder. My understanding is that joint account monies wouldn't firm part of the estate but revert to the other holder, which is why the dying person wants the money in there and available for use rather than stuck

[bednobs]

I mean 'understanding' is somewhat overstating the case here