An unwell person invited a caretaker and friend to become a signatory
on all their bank accounts. For some months the friend continued in
the caretaker role and executed personal and financial transactions in
accordance with the wishes of the 'not well' person who got
progressively worse and died. The friend continues as a sole signatory
on the accounts and is recognised as such by the bank. The deceased
was unmarried and without children. Parents are predeceased and there
are other relatives one of whom is described as 'next of kin'(actual
neice)Question: Will the friend be the owner of the funds (current and
fixed accounts)? What could affect such a claim? (In a former British
territory)

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Request for Question Clarification by nenna-ga on 01 Nov 2006 13:37 PST

Could you tell us your location please?

Nenna-GA

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Clarification of Question by deepwaters-ga on 01 Nov 2006 21:36 PST

Thank you for the interest and the points of view. The former territory is Bahamas.

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Request for Question Clarification by tutuzdad-ga on 02 Nov 2006 06:26 PST

Normally, a signatory authorization is transmuted in the form of a
limited power of attorney. This enables the authorized party to sign
documents in the absence of the living account holder. When the
account holder?s life is terminated the authority to act in the living
person?s behalf is also terminated.

LEXIS NEXIS
http://finance.lawyers.com/ask-a-lawyer/Her-Power-Of-Attorney-Ended-When-He-Died-6114.html

By the legal nature of the authority, a power of attorney is a legal
document that allows another person to act on his behalf. Limited
power of attorney means the power is limited by time, for example, or
limited to a specific act such as death or incapacitation. If a person
who gave power of attorney loses mental capacity or dies for example
the power of attorney generally ceases to be in effect. If this
signatory authority is based on a power of attorney then it too would
cease on the account holder?s death and the remaining funds would
likely be the property (or be deemed to be the property by a probate
court) of the next of kin. In short, you will need to determine if the
signatory authority was a power of attorney or if the signatory
authority is in place because the caretaker was added to the account
as a full co-owner on the account. If the latter is true then the
co-holder of the account may be entitled to the funds or a portion
thereof (but even this may be contested in probate court by the
natural heirs or next of kin).

I realize that this is not a definitive answer but you will need to do
some investigate work to determine the nature of the signatory
authority; something that we cannot determine on our own. Does this
work for you as an answer?

Tutuzdad-ga

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Clarification of Question by deepwaters-ga on 02 Nov 2006 16:05 PST

Again thank you.

The wish of the account holder to have the caretaker added as a
signatory to the account was made in person to the bank when they
visited together and executed the  documents required by the bank. The
formal signing arrangements allowed the caretaker to sign alone on the
account. The caretaker conducted the normal business of the account
holder, including, at their request, the movement of funds between
accounts. There was never a checking account.A Power of Attorney was
never used.
The account holder's condition began to worsen resulting in short
periods of hospitalisation. Due to the hospitalisation the 'next of
kin' was named as a formal requirement.
Tha account holder died most recently. The bank confirmed the
caretaker as the account holder subject to proof of death(Death
Certificate).
Does this bit help? I hope so.

 


 , maibanking transactionsaVarious transactions were done
particularlyThey visited the bank and made the arrangements executed 
done and to have the bank honour the caretaker as an operator of the
account. The account holder and the caretaker made these arrangements
in person at the bankv this was done when they a I am aware the
arrangement to add the caretaker to the account was done in person as
both parties visited the bank for  wv
At the Account Holder's request the bank added the caretaker as a
co-holder of the account executed the formal bank documentation adding
the caretaker to the account severally rather than jointly to the
account. A Power of Attorney was not made or requested by the bank
usedvehicle was not used and several transactions were done with power
to enact transactions alone as When the arrangement was made

Possibly the estate will devolve in accordance with the English rules
of intestacy which might mean that a relative as opposed to the
caretaker should benefit.

However, you must be more specific because 'a former British
territory' covers an awful lot of ground in Africa, Asia, the Americas
plus, of course, the Republic of Ireland.

The simple answer is, in the UK: Not a chance !

If the deceased did not leave a will, or a strong indication of
intent, then there is no way a completely unrelated person would
inherit.

Yes, Jerry, but the event is NOT in the UK ...

It is in 'a former British territory' ...

So, who's to say what goes in Hong Kong, Tanzania, Nigeria, Uganda,
Zaire or Zimbabwe, for example?

You both will probably agree that the odds are that the law in that
territory is probably quite similar to UK law, considering that a next
of kin has been identified, but the application...?  And if there is
any money left in the accounts and what recourse the niece might have
if there isn't?

I expect this question is going to be another one that goes into coma
before expiring, since Deepwaters is a newbie here and probably awaits
email notification.

Please everyone note:  you have to check back by yourself; you won't get an email.

Hi Myo

We are getting into very deep waters ...

There is an urgent need for an experienced canooist who is quite
prepared to shoot the rapids, if necessary.

Is your kayak still seaworthy?

And, more importantly, can you quickly assemble a trusty crew?

I suspect that Tutuzdad, Answerfinder and Pafalafa will volunteer
provided that the lovely Steph can be persuaded to serve as
helmswoman.

Otherwise, we may need the Press Gang ... no not Journalist or Kriswrite.

Worried of Hove

Bryan, I trust that you actually know the correct terms related to
crew rowing (don't disenlighten me if you really don't):  we would be
rowing a shell, and Steph would be our coxswain (which has no
suggestive connotations, pronounced "cox'n", which still doesn't).  As
stroke, I would be in the lucky position of sitting facing her  - and
she, me -  so she could urge me to ...  (I better stop).

Oh, hi, Steph.  Didn't know you were listening in.  ;-)  
I think you would be ideal for the position, and the right petit size, too.
I'll teach the commands.

Cheers, Myo

Hi Guys.....

Gee, me in a canoe with three gorgeous men....

What a wonderful start to my workday!!

Please don't tip the boat ;)

Steph53

Ooops....

Its a kayak....

Another "blonde moment"....

Blondey

Steph, 
No, it's a shell.  If you keep reading just Bryan's comments, I won't
have you in mine.  :-)

Myo

It could be a coxless pair

Bryan, you are right that we can't be sure
- but it does seem unlikely

I suppose that the carer could claim that there was a verbal contract ...

IN respect that this is a serious question and has received a serious answer, 
I will not comment with Frde's suggestion brought to mind ...

It is curious that the bank recognizes the carer as the account holder
on presentation of a death certificate.

I remember in the UK, a bank was happy to close an account and remit
the funds to me with just a death certificate - eg: no proof or
probate.

Jerry, you wrote

>I remember in the UK, a bank was happy to close an account and remit
>the funds to me with just a death certificate - eg: no proof or
>probate.

This certainly used to be the case where only small amounts were
involved but I suspect that banks are no longer quite so easy going.

Clearly banking practices do vary from country to country.

Why oh why can't everyone take their instructions from Gordon Brown
via The Bank of England?

It appears that the acounts were changed to be joint accounts in the
names of both the now deceased and the caretaker, rather than just
adding the latter as a signatory.

Regardless of any speculation by us, the niece will need a local
attorney's help in sorting the matter out  - as soon as possible.