Another banking question - joint account

Neargale

Active member
Jul 4, 2013
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I have a joint account with my husband here in the DR. Most of my financial assets are in Canada.

What happens if one of us dies.
Is the account frozen until the estate is settled?
Does it depend on bank policy?
Is this a case of what the bank does not know doesn't matter?
Can the spouse continue to wire money from the canadian account into the joint account?

Not planning on dying, just planning ;-)
 

gicamuci

Member
Apr 15, 2014
53
16
8
I don't really know how banks in DR are working when it comes to something like you describe, but we are in Canada too and also have bank accounts and properties in DR. We do have a will since some years now and also power of attorney to each other. Lawyers in DR will consider wills drawn in Canada.
 

william webster

Platinum
Jan 16, 2009
30,247
4,329
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Joint accounts are a longstanding antidote for easy death.

As long as either party can withdraw from the account, the account continues after death.

My parents did this and then I did it with my mother.
The account stayed open on her death to pay bills.
This was in Canada*
 

Blueceo

Member
Nov 1, 2015
192
22
18
As long as you can withdraw the funds without your husband then you should be fine. We had an American Employee who died of a heart attack and had a dollar account in the DR. His first born son tried to close the account and withdraw the money and the bank wouldn't do it even with the death certificate and supporting paperwork. He's still trying to figure out how to get the money out without paying it all out in attorney's fees to some Dominican Attorney. The amount in the account is less then $2,000.
 

Neargale

Active member
Jul 4, 2013
347
67
28
As long as you can withdraw the funds without your husband then you should be fine. We had an American Employee who died of a heart attack and had a dollar account in the DR. His first born son tried to close the account and withdraw the money and the bank wouldn't do it even with the death certificate and supporting paperwork. He's still trying to figure out how to get the money out without paying it all out in attorney's fees to some Dominican Attorney. The amount in the account is less then $2,000.



Incredible!*Bloody banks! *
 

Fabio J. Guzman

DR1 Expert
Jan 1, 2002
2,359
252
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www.drlawyer.com
I have a joint account with my husband here in the DR. Most of my financial assets are in Canada.

What happens if one of us dies.
Is the account frozen until the estate is settled?
Does it depend on bank policy?
Is this a case of what the bank does not know doesn't matter?
Can the spouse continue to wire money from the canadian account into the joint account?

Not planning on dying, just planning ;-)





The account will be frozen until estate taxes are paid (around 3%) and the estate is settled or the heirs agree on how to split the funds. It does not depend on bank policy. The spouse can continue to wire money into the account.
 

Neargale

Active member
Jul 4, 2013
347
67
28
Muchos Gracias sr Guzman! I did not realize there were Dominican taxes to be paid on assets held in DR upon my death. It certainly needs to be taken into account in my planning.
 

SKY

Gold
Apr 11, 2004
13,470
3,604
113
Not too easy to figure out when you will die unless you are terminally ill.
 

windeguy

Platinum
Jul 10, 2004
42,211
5,967
113
Real world proof that nothing is certain but death AND taxes. Never understood taxing death.
 

Matilda

RIP Lindsay
Sep 13, 2006
5,485
338
63
Muchos Gracias sr Guzman! I did not realize there were Dominican taxes to be paid on assets held in DR upon my death. It certainly needs to be taken into account in my planning.

I think the percentage is lower if you have citizenship - !%? Maybe Mr. Guzman can confirm?

Matilda
 

Neargale

Active member
Jul 4, 2013
347
67
28
So that also means that if my husband who is Dominican dies first both his personal account and our joint accounts are frozen till taxes are paid on his DR held assets. Thank goodness neither he nor his estate have claim on the house that I purchased before we got married.
 

william webster

Platinum
Jan 16, 2009
30,247
4,329
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There have been instances where a death isn't reported until the partner gets to the bank to empty the account.

Food for thought*