Freezing Joint Bank Accounts on death of husband
#1
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Freezing Joint Bank Accounts on death of husband
I am getting conflicting advice on this matter. From both a solicitor and an MM2H agent, I am told that regardless of being Joint accounts with either to sign, that the monies will be frozen by the Bank on orders of the Govt until probate is settled.
As there are no assets (property etc) apart from the money in the bank, and my Will leaves everything to my wife, I see no need to wait for probate. As it stands, according to the info I have been given by the above, my wife would be left without money to live on, or anything else that was needed, and have been warned that this actually happens.. Can not believe this is correct, but this is Malaysia, so who knows.
Can anyone confirm if this is correct, or have any experience of this sort of situation.
Many Thanks.
As there are no assets (property etc) apart from the money in the bank, and my Will leaves everything to my wife, I see no need to wait for probate. As it stands, according to the info I have been given by the above, my wife would be left without money to live on, or anything else that was needed, and have been warned that this actually happens.. Can not believe this is correct, but this is Malaysia, so who knows.
Can anyone confirm if this is correct, or have any experience of this sort of situation.
Many Thanks.
#2
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Re: Freezing Joint Bank Accounts on death of husband
Yes, this is correct. It is one of the most frequently heard reasons for expats to draw up a "local last will" to specify that the Malaysian bank account(s) goes to the wife in case the husband passes away. This will speed up things, is what I've heard.
#3
Re: Freezing Joint Bank Accounts on death of husband
I am getting conflicting advice on this matter. From both a solicitor and an MM2H agent, I am told that regardless of being Joint accounts with either to sign, that the monies will be frozen by the Bank on orders of the Govt until probate is settled.
As there are no assets (property etc) apart from the money in the bank, and my Will leaves everything to my wife, I see no need to wait for probate. As it stands, according to the info I have been given by the above, my wife would be left without money to live on, or anything else that was needed, and have been warned that this actually happens.. Can not believe this is correct, but this is Malaysia, so who knows.
Can anyone confirm if this is correct, or have any experience of this sort of situation.
Many Thanks.
As there are no assets (property etc) apart from the money in the bank, and my Will leaves everything to my wife, I see no need to wait for probate. As it stands, according to the info I have been given by the above, my wife would be left without money to live on, or anything else that was needed, and have been warned that this actually happens.. Can not believe this is correct, but this is Malaysia, so who knows.
Can anyone confirm if this is correct, or have any experience of this sort of situation.
Many Thanks.
#5
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#6
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Re: Freezing Joint Bank Accounts on death of husband
Hi Dorothy,
You say that there will be delays if if someone chooses to contest the will.
What about if one has a local will mentioning that the bank account goes to the spouse and nobody contests it?
Would it be OK then? OK meaning continued access to the account for the surviving spouse.
You say that there will be delays if if someone chooses to contest the will.
What about if one has a local will mentioning that the bank account goes to the spouse and nobody contests it?
Would it be OK then? OK meaning continued access to the account for the surviving spouse.
#8
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Re: Freezing Joint Bank Accounts on death of husband
Indeed, that is also what I have been told. There will be some delay, caused by the review and acceptance of the local will. However, that delay is much shorter than when an "overseas will" needs to be produced, and validated to be a valid will, plus have it confirmed that that will also applies to items in Malaysia. In other words: the execution of a foreign will in Malaysia will take a much longer time.
#11
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Re: Freezing Joint Bank Accounts on death of husband
#12
Re: Freezing Joint Bank Accounts on death of husband
Are you serious? What would you do with the body? Keep it in the bath? You’re going to need a death certificate even to start the probate process and the doctor issuing that will be required to notify the authorities of the death.
#13
Re: Freezing Joint Bank Accounts on death of husband
We actually live on Bali so Malaysian authorities wouldn't be aware of the death. Even living in Malaysia, getting a death certificate, etc. Why would you need to inform the bank?
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#15
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Re: Freezing Joint Bank Accounts on death of husband
In the '60s I had an elderly aunt in Canada who was known as "the cat lady of Saint-Antoine de Kent". On having passed her executor (my grandfather) found a detailed will and a long letter with many instructions. Her back shed had two large home freezers with top lids, of the kind popular in those days but maybe fortunately, now rarely seen in white goods stores.
I was there when we checked them. And found the frozen remains of some 60 cats, which she had bagged and nearly tagged with name, date of decease etcetera. All appeared to have passed away from natural causes, mostly from old age, so no cruelty on her part was involved. Her logic seems to have been that she was too old and too frail to dig so many holes and bury them. She also had a fondness for all of them, and wanted to have them close to hand.
A family conference was held. It was decided by unanimous vote to plough a nearby field and plant an orchard in her memory. Fertilized by the deceased cats. Which we did, with the help of a local contractor who had a bulldozer. In all 40+ apple, pear and cherry trees were planted as our family's way to mark Canada's Centennial Year (this was in 1967). The property is still in the family. All that feline blood and bone resulted in superb crops for many years. Many fruit pies and crumbled were baked and enjoyed in memory of those deceased cats. I have not been to Canada for a long time, but I believe the orchard is still producing good crops of fruit every year.
Comparing cats to people is drawing rather a long bow, but recently my partner indicated a wish to buy a similar large freezer. I am concerned and am tempted to redraft my will. Eternal life, preserving my remains until the day when medical science may be able to bring me back to whatever world will remain by then, is tempting, but nowadays somewhat less so than it was before the planet began its inevitable decline to an environmental hell.
On a more reasonable note, it is probably best to provide for one's partner with a separate small account, with enough $$$$ to ensure they will be able to live until one's will is probated. Assuming one has sufficient trust in their partner. In my case, I thought I did - but now the notion of that freezer in our house has me thinking about what hidden agenda(s) may lie in store for me.
PS Fenella, in Bali a fast cremation in Ubud (not advised to be done in one's back yard in Canggu or Sanur) could maybe easily sort out the "problem" of how to deal with the body.
Last edited by DownUnder69; Dec 26th 2023 at 11:55 pm.