I have a good friend that is experiencing difficulties, with Panama bank accounts, following the death of a spouse. My friend said that I could share the experience with others in hopes that it might prevent them from having similar problems.
Here was the information that the individual sent me.
We have two bank accounts (savings) with a local bank, signed with the principles’ name and authorized person. The problem lies in the fact that one was signed with “or” which is fine, the other signed with “and” which has presented a problem in the fact that the one signed “and” now has to go probate, which I have been told to not expect any results for a year.
I should clarify this situation happens after a death of the principle individual. I find it hard to believe we did this, but am sure there are others that may want to be aware and check their accounts and how they are set up.
I have been told that the banks do have a beneficiary form that can possibly alleviate this problem.
I was previously aware of this type of problem. Lilliam has told me that having lawyers and wills tied to bank accounts also leads to similar problems because the legal fees to free up accounts usually take a huge portion of the assets. The bank beneficiary form solves the problem with little, if any expense.