I have a bank account in an international bank in Dubai which is in my sole name. I had done it as a safety precaution since I had heard that joint accounts get frozen on the event of the death of the husband and it takes time to get the money and also there is no guarantee that the wife will be the beneficiary.
Now I want to know certain details. I am a housewife being sponsored by my husband. I have a son who is stil a minor and a daughter who is an adult and studying in a university abroad.
What happens to my account in the event of my death? Now my son and daughter are being sponsored by my husband but who will get the money lying in my account? Will my children automatically get the amount? Will my daughter who is an adult automatically have access to the account if my husband provides the death certiicate and the relationship proof? Or is it my husband who will be able to access the account? Will that account get frozen till my husband is able to provide the documents? I want to know who the ultimate beneficiary will be.
What do I need to do if I want the amount to be divided in half, one half going to my son and one half to my daughter? Do I need to make a will for that? Am I eligible to make a will even if I am not working and am on the sponsorship of my husband?
In India, we are able to give the names of nominess for savings bank accounts. But I do not seem to see that practice here.
I also have a joint account with my husband. In the even of my husband's death, I know that the account will get frozen and my children and I have to leave the country within a month. Will my children and I be the ultimate beneficiaries if we provide the relevant details such as the death certificated, passport details etc. I have heard that my husband's father and brothers and not the wife will be beneficiaries in case of his death. My husband is the youngest son and is his father is not dependant on him. His brothers are retired and their children are working and earning. Does my husband need to make a will to ensure that either full or part of the amount in his account comes to his wife and children?
Now I want to know certain details. I am a housewife being sponsored by my husband. I have a son who is stil a minor and a daughter who is an adult and studying in a university abroad.
What happens to my account in the event of my death? Now my son and daughter are being sponsored by my husband but who will get the money lying in my account? Will my children automatically get the amount? Will my daughter who is an adult automatically have access to the account if my husband provides the death certiicate and the relationship proof? Or is it my husband who will be able to access the account? Will that account get frozen till my husband is able to provide the documents? I want to know who the ultimate beneficiary will be.
What do I need to do if I want the amount to be divided in half, one half going to my son and one half to my daughter? Do I need to make a will for that? Am I eligible to make a will even if I am not working and am on the sponsorship of my husband?
In India, we are able to give the names of nominess for savings bank accounts. But I do not seem to see that practice here.
I also have a joint account with my husband. In the even of my husband's death, I know that the account will get frozen and my children and I have to leave the country within a month. Will my children and I be the ultimate beneficiaries if we provide the relevant details such as the death certificated, passport details etc. I have heard that my husband's father and brothers and not the wife will be beneficiaries in case of his death. My husband is the youngest son and is his father is not dependant on him. His brothers are retired and their children are working and earning. Does my husband need to make a will to ensure that either full or part of the amount in his account comes to his wife and children?