Posted By: tdogz
Estate Co-Administrators - 11/05/18 06:48 PM
We have a recently deceased customer. He had no will and the disposition of his estate is contentious. His wife and two children from a previous marriage have been appointed co-administrators.
His checking and savings accounts were Joint WROS, so those pass to his wife outside of the estate. The IRA is a different story. He never appointed a beneficiary, so it goes to his estate. There is also a loan which will require the bank to make a claim against the estate. Are we allowed to release information about the IRA or the loan to any of the co-administrators alone, or should it only be released if all of them are present? One of the administrators (the wife) is aware of the general details about the IRA and loan already.
His checking and savings accounts were Joint WROS, so those pass to his wife outside of the estate. The IRA is a different story. He never appointed a beneficiary, so it goes to his estate. There is also a loan which will require the bank to make a claim against the estate. Are we allowed to release information about the IRA or the loan to any of the co-administrators alone, or should it only be released if all of them are present? One of the administrators (the wife) is aware of the general details about the IRA and loan already.