Q: My husband and I reside in Puerto Rico. Are our joint bank accounts frozen upon one spouses death?
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A:
When a spouse passes away in Puerto Rico, the status of joint bank accounts can depend on how the account is set up and local inheritance laws. If the account is set up with "right of survivorship," the surviving spouse typically retains access to the funds without interruption. In this case, the bank may require documentation, such as a death certificate, to update the account status.
However, if the joint account does not have a "right of survivorship" clause, the situation can be more complex. The deceased spouse's share of the account may become part of the estate and could be subject to probate. This means that a portion of the account could be temporarily frozen while legal processes determine the rightful heirs.
It is wise to check with your bank about the terms of your joint accounts and consult with a legal expert in Puerto Rico to understand how these laws may apply to your specific situation. Proper planning can help ensure smooth access to joint assets in difficult times.
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