NSW Bank Account in Joint Names - What Happens When Other Person Dies?
- Thread starter Christa
- Start date
S
Sophea
Guest
Hi Christa,
The right of survivorship applies to jointly held money in a bank account. This means that where two or more persons own an asset in their ‘joint names’ and one of them dies, the deceased's share of the funds will automatically pass to the surviving person. They do not form part of the pool of assets that go into the persons estate. It is the same principle that applies to jointly held real estate.
Therefore, no the account is not frozen it automatically becomes the sole property of the surviving partner.
The right of survivorship applies to jointly held money in a bank account. This means that where two or more persons own an asset in their ‘joint names’ and one of them dies, the deceased's share of the funds will automatically pass to the surviving person. They do not form part of the pool of assets that go into the persons estate. It is the same principle that applies to jointly held real estate.
Therefore, no the account is not frozen it automatically becomes the sole property of the surviving partner.
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