The Government of Quebec announced on Wednesday the end of the freezing of joint accounts in the event of the death of one of the couple’s partners.
The entry into force of the Act respecting the return of deposits of money to co-holders of an account who are spouses or ex-spouses will make it easier for co-holders to access their share of the balance.
Before the law came into force, when a spouse died, financial institutions froze the sums in the bank account until the estate of the deceased was settled. This could take a few weeks or even months, and make the financial situation of the other account holder precarious during this period.
From now on, financial institutions must give the surviving spouse their share of the account balance. The law provides for a division of the balance in equal parts, unless a declaration providing for another division has been made with the financial institution before the death.
This new law applies to both new and existing accounts.
The Consumer Protection Office has been entrusted with the responsibility of ensuring the application of this law resulting from the reform of family law sanctioned last June.
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