Quebec to end freeze on joint bank accounts in case of death
The Quebec government announced on Wednesday that the freezing of joint accounts in the event of the death of one of the couple's partners has been lifted.
The 'Act respecting the return of deposits to joint account holders who are spouses or former spouses' will make it easier for joint account holders to access their share of the balance.
Before the law came into force, when a spouse died, financial institutions would freeze the money in the bank account until the estate of the deceased was settled. This could take a few weeks or even months, making the financial situation of the other account holder precarious during this period.
Now, financial institutions must give the surviving spouse his or her share of the account balance. The law provides for an equal division of the balance, unless a declaration providing for another division was made to the financial institution before the death.
This new law applies to both new and existing accounts.
The Office de la protection du consommateur will be responsible for enforcing this law, which is a result of the family law reforms passed last June.
- This report by The Canadian Press was first published in French on Dec. 7, 2022
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