I would be grateful for any advice anyone could give me on the following issue my recently widowed niece has.
My niece's husband recently passed away at the age of 56 yrs. He had sometime before his death taken out a loan with a bank and having advised them of his passing they have written back informing her of the outstanding balance and asking if his estate will have sufficient funds to cover it. Their letter is very gently worded and clearly points out that she isn't being asked to pay the loan directly herself, but it has raised a question I her mind regarding what is classed as part of his estate.
They had a Joint Bank Account while he was alive, which has obviously now become her sole account. Our question is,
Q) As the account was JOINT what is now deemed, if anything, to be part of his estate? Would it be a 50:50 split, or is whatever is in it now classed entirely as hers and no longer his estate?
He has no other funds or assets.
Many thanks for any assistance you can offer.
My niece's husband recently passed away at the age of 56 yrs. He had sometime before his death taken out a loan with a bank and having advised them of his passing they have written back informing her of the outstanding balance and asking if his estate will have sufficient funds to cover it. Their letter is very gently worded and clearly points out that she isn't being asked to pay the loan directly herself, but it has raised a question I her mind regarding what is classed as part of his estate.
They had a Joint Bank Account while he was alive, which has obviously now become her sole account. Our question is,
Q) As the account was JOINT what is now deemed, if anything, to be part of his estate? Would it be a 50:50 split, or is whatever is in it now classed entirely as hers and no longer his estate?
He has no other funds or assets.
Many thanks for any assistance you can offer.
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