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What is a "kin" when dealing w/ bank accounts...are they people that get your money when you die? |
What is a "kin" when dealing w/ bank accounts...are they people that get your money when you die? Where the money goes when a bank account holder dies depends upon a number of factors. How the account is held (single owner, joint owners with right of survivorship, etc.), any "payable on death" listed on the account, the decedent's will, and finally state law where the decedent was domiciled all enter into the fray. "Kin" refers to relatives. Your kin may or may not have any legal claim to your bank balance upon your death. yes. Like your next of kin would be your spouse (if living) if not then your kids (if you have any). I dont know the order after that your next of kin is your closest relative (i.e. mom, dad, son, daughter, husband, etc.). They get your money when you die. If you do not list anyone, the government confiscates the money. You should also have a cosigner of a trusted person on your account. That way, if you are hospitalized or die, that person can get instant access to your money to pay for costs without going through the bureaocracy of death certificates, etc. my insurance agent told me that. I have my mother (as I am single with no kids) listed on my retirement, savings, and checking accounts. She has me listed on hers. |
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