A Frozen Bank Account After Death Leaves Widow Broke : March 2018 Budget Update

LEARNING THAT YOUR SAVINGS ARE FROZEN MAY CAUSE FINANCIAL STRESS   When dealing with the loss of your spouse life can be turned upside down especially when you are trying to use money that you have no right to get access to without following a process. No one expects a financial officer to tell them that their late spouse will have a frozen bank account which includes all the family savings. It’s certainly a stress not needed after death but very important to understand why and the implications. This exact scenario happened to my mother-in-law recently and I hope today that we shed some light on her situation in hopes of inspiring other couples to educate themselves about their finances before death. Even if you are named the executor in a WILL you still need to jump through legal hoops to unfreeze the bank account. Sadly, a frozen bank account happens quite often according to the banking representative we met with especially for couples who choose to bank separately. This sort of lit a fire under our butts since all of our bank accounts are not joint bank accounts. The costs of a funeral can run into the thousands of […]

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Mr. CBB who was born and raised in the United Kingdom, moved to Canada where he is now a permanent resident. He is also a father to a very active 3 year old boy which keeps him young at heart.
He bought his first house at the age of 21 in the UK after graduating University and his second at age 24. Mrs. CBB bought her first house at the age of 30. Both Mr.CBB and his wife are 40-ish year-old finance lovers who accomplished debt freedom before the age of 40. Canadian Budget Binder is a fun, family-friendly place where he shares their financial journey with his readers and hopes to learn about theirs. No silver-spoon just hard work and perseverance. Welcome to Canadian Budget Binder! You’ve got this!

The post A Frozen Bank Account After Death Leaves Widow Broke : March 2018 Budget Update appeared first on Canadian Budget Binder.

from Canadian Budget Binder http://canadianbudgetbinder.com/2018/04/05/frozen-bank-account-death/

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