Re: couple questions before filing BK

Posted by JerNTN (24.158.147.91) on August 01, 2004 at 23:36:07:

In Reply to: couple questions before filing BK posted by goingbroke on August 01, 2004 at 14:49:32:

IF your parents' account is a joint account that would be 'joint with rights of survivorship' which means that in the event one of them died, the account would automatically become the remaining parent's account. If you only signed a signature card, you are, most likely, the beneficiary which would indicate that this is NOT your account. If you can not write checks, you would not be an authorized signor. Although the newly enacted Patriot Act now require SS#'s and driver license #'s on all bank accounts, the Trustee would have no problem in determinng whose account it actually is.

There are other legal avenues that will give you access to their account if needed. I had mentioned a POA; however, most POA's expire upon a principal person's death with the exception of some POA's allow the POA to make funeral arrangements. After that the Executor/Executrix of the estate oversees the financial affairs.

Sounds like you don't have a problem with being on this particular account.

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