- 20 Marks
POB-LAW-AND-PRACTICE-APRIL-2024-L3-Q3 – Joint Account Operations After Death of Co-Holder
Advise the bank on handling a joint account after one holder's death, where the survivor requests transfer, followed by family demands for estate purposes.
Question
Jacob Osei and Bernard Mensah operate a joint account with you. The mandate on the account is either to sign. Jacob is frequently out of the country so most of the time it is Bernard Mensah who has been coming to the bank personally to make payments into the account. On a few occasions Jacob has remitted funds into the account from abroad. You have just received notice that Jacob has passed away.
Bernard who has an individual personal account with you has sent you instructions to transfer the balance from the joint account into his personal account since as he says he is the “sole survivor” to the account. Two days after you have complied with the instructions, five of the elderly family members of the Osei family are before you to request for the balance on the account to enable them to apply for Letters of Administration for the management of Jacob Osei ‘s estate.
Advise the bank.
[Total: 20 marks]
Find Related Questions by Tags, levels, etc.
