For those interested. If you have funds in Philippines banks, if you do not provide the bank with a copy of your last will and testament, the bank is not allowed to let anyone access your funds and the government will lock up your funds while whatever survivor research is done. Took over a year for a friend’s (former forum member) wife to get access to the funds, even though they had a joint account. This was about 9-10 yrs ago.
I even doubt that giving the bank your will will help much at all (wills can be changed, so someone needs to ascertain it is the last one). In the Netherlands (and I reckon in most other countries also), when a person dies, the next of kin need to secure a certificate of inheritance from a sworn notary before they can legally access any funds at a bank or other property of the deceased. In order to issue such a certificate of inheritance the notary will verify at the national registry whether there is a last will registered there and will verify who the heirs are, which includes an investigation into how many children there are. While that certificate of inheritance is pending nobody can access anything. Things get more complicated if there are assets involved in more than one country, as my niece is finding out after my brother (single at the time of death) died a few months ago. Even the Dutch notary insists on a verification in his country of residence with regard to a possible last will or children, including unborn ones, before issuing a certificate of inheritance. How one does such a verification in a third world country without anything like a national testament registry is anyone's guess, let alone the unborn children thing. I think most of us should be very diligent in "settling our affairs" indeed, where possible making arrangements that allow for a drawn out process without causing financial hardship on top of the emotional one once we leave this existence.
WoW! But I can recommend a bank - I am not sure if it is registered with governments anywhere, but it makes transactions easier (especially in the case you provided above): www.bankofunderthemattress.com
Having Checked with my bank PNB this morning, I am assured that Cora ( my wife) is clearly recorded as my beneficiary and after the sorting out it will be then become her Account or Everything Transferred to her own account that she holds with them, This is reciprocal for Her to me, I might add, that should we both go together ( not a Nice thought but) Our Daughter is recorded as the 2nd Beneficiary and it would all go to her
NOT disputing what you were told - but I am rather sceptical about what banks say (mind you, I am sceptical about most things!). Before I left the UK I checked with my bank about access from abroad and was told no need to get a phone pin as everything works fine online. Three weeks later I was in a crap hotel in CdO with poor internet - and my constant login attempts to my bank failed. After the third attempt they froze my account. It took me 3 months or so to get it back - the fraud dept. guy said you should have used telephone banking in the meantime! Fortunately, my wife and I had access to other accounts, so we did not starve - but thanks everyone for asking!
In the UK it depends on whether the joint account is held as 'joint tenants' or 'tenants in common' - with the former, the account (on proof of death of the other holder) passes to the living holder but the latter means the deceased's share passes to the Estate. I am fairly sure that also applies when owning other property (e.g. a house). So 'joint tenants' seems preferable.
I have it in Writing as part of my contract with the bank, You can get many things you want or need if you ask the right people
