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Sign up with Google Sign up with FacebookQ: What happens to your bank account when you die ?
I don't have much mean green (red?) in the local ABC, but if I unexpectedly check-in to the Dirt-Nap Hotel I would like to see my meagre savings go to my mom in Texas, rather than get turned over to the PRC govt.
I suppose there is some sort of paperwork we are supposed to complete and bring to the attention of the bank and to the entity that is sponsoring us here ?
Also it would be interesting to hear what happens to one's funds if the paperwork is not in place.
11 years 20 weeks ago in Money & Banking - China
It's a interesting question, but I have no ideal about it as well.
even I am Chinese and I have my own ABC account, I do not know what it could be after something happend to me..
Nessquick:
As you are chinese, u may have to help us a bit., and ask for this matter there for us ? Thanks in advance :-)
There is a document called "TESTAMENT", and if properly done and notarized, it will instruct others how to settle your estate once you depart for greener pastures.
In my case, i have one done in English, duly notarized and registered, and it is called an open will. It is countersigned by two witnesses, and i had a professional translate it into
Chinese. My two witnesses do have a copy sealed in an envelope with instructions to open it and execute my last will. At home, in my safe, I have the original, and the person I designated to inherit the bulk of my state knows how to access the safe, and has instructions to do so if and when I die.
Not only in how to dispose of my assets, but the medical treatment I am in agreement with, and how and where to dispose of my remains.
i guess it is a good idea to follow the Boy Scouts motto, of "Be Prepared".
Otherwise, eventually the State will end up with your estate.
your bank acct will always be open unless someone closes it. you can't money on the other side aftrall its just paper compared to the gold up in heaven
The money will belong to Nominee..and your account will be closed..
You can't take it with you. But if you are interred at a massage parlour. as I want to be, the funds can be withdrawn to pay for services. Yes I want sex after death.
If there is no will, power of attorney etc then the State claims it.