Full question:
I am a guardian and same time biological father of my own 2 children, I am a widower. I am residing in California right now and we are relocating to the Philippines next year. My wife left them two life insurance and its a blocked acct. setup. Can i transfer the funds to the Philippines before we move or after we get there in the Philippines?
- Category: Banking laws
- Date:
- State: California
Answer:
The term "blocked account" can mean different things in financial terms. In the realm of stocks,
a blocked account is a margin account in which the customer cannot purchase any additional stock on margin without putting up more equity. An account is restricted when its debit balance is greater than the loan value of the securities within the account. There wouldn't be a restriction on transfer out of the country.
In your situation, you may be dealing with a bank account in a currency subject to Exchange Controls by monetary authorities. Some countries restrict or prohibit out-of-country transfers from domestic bank accounts in the local currency. The result is an overvalued currency, in relation to free-market currencies that are not inhibited by currency controls. For example, an exporter may be prohibited from drawing against an account in a blocked currency, except for internal transfers of funds.'
It may be best to consult with your local back or the bank holding the blocked account to see what would be required to remove the block.
If the account was blocked because further action was needed from the probate court (the one handling your wife's estate) before the funds could be released, you would want to take care of all that before you left the country.
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.
