I have read several scenarios on currency in a deceased person's safe deposit box. We have one that I am not sure will meet the definition of "transaction" Case is single renter deceased, box drilled upon non-payment of rent. $18,000 in currency was in the box, that along with other items was verified under dual control and put into safe keeping. Later, staff started tracking down the estate or likely survivor. We found his spouse, and she had no idea he had the box. Upon proper documentation of her right to have box contents, she was given the currency, and no one at the branch considered that a CTR might be required. Since the dollar amount was never placed in a bank account of any kind, there was no transaction that the CTR software could see, so it did not appear there, or in BSA AML monitoring software. It is well past time to file. Do we need to start a back-filing request to FinCEN?
When an IRA owner dies are you required to open a beneficiary IRA and/or complete a beneficiary distribution form when paying out funds to the beneficiary?
Is there a service out there that does the search for deceased persons and notifies the bank of the customer's passing?
I can't imagine BoA or other big banks reading the obituaries each day to look for their deceased customers. Is there a better way?
I have a customer who passed away in 2014 with an IRA and no beneficiary listed. The customer was over 70 1/2 and no known RMD was taken in 2014 thru 2017 . The daughter came in with probate court papers appointing her as Personal Rep of the Estate. Am I correct thinking that the daughter needs a TIN for the Estate?
Distribution from the current IRA (under deceased SSN) is coded as Death and Contribution in to an Estate IRA under the assigned TIN is coded as Transfer? Once this is completed do I take all of the RMD for 2014 thru 2017 from the Estate IRA? Also if the daughter wants to close the estate IRA, do I code this as a death distribution from the estate IRA?
We have a single-member LLC using an EIN number. The member is asking what happens to the account when he passes away, will it go to his estate or does it need to be in his business papers to show where is goes? The account is held in Iowa and they run the business out of Minnesota.
A member has passed, and her account was a POD account, with 3 beneficiaries listed. The executor of her estate has come in, asking to transfer the funds to the estate. Do we pay out the beneficiaries, or do we follow the executor, and transfer funds to the estate account?
Can a third party file a dispute on a deceased account? The person filing a dispute on his deceased mother's account claiming spouses of other family member used card and pin to withdraw funds. The POA submitted was null at Death and was written for DNR.
I have a sole member of an LLC that passed away. Is this now a Estate account?
Can an executor of a will or estate redeem a POD certificate of deposit on behalf of the POD individual? The example is that the POD party is located outside the country. So how can we prove that they are who they are, if they cannot show up in person to redeem a the CD.
What documents are needed when the sole proprietor dies? Can the husband take over the business? Will he need to go file for a new assumed name certificate?