The majority of our IRA customers have their spouse listed as beneficiary. When an IRA holder passed away, we would change the title to the "Spouse as Beneficiary of the deceased IRA" and their SS# if they chose to not treat as their own. We had two IRA holders (in RMD) pass away this year and had multiple children listed as beneficiary. We set up separate accounts for each child as "Beneficiary of the fathers IRA" and transferred the funds to them. This was done "in-house" with transcodes to just transfer
the funds to the separate accounts (no paper work other than the entries). What is the proper way to handle the transferring of accounts like this? Should we have completed new account paperwork for a new IRA account? For CIP purpose?
Is there an electronic alert system available that provides financial institutions with death notifications/certificates that we can then
compare to our Membership/Customer list?
If we have a Revocable Trust and the Trustee dies, must the Successor Trustee have the Trust amended if they want to convert it into a Irrevocable Trust with an EIN?
We will open a new account. Where do they get the Trust amended?
Deceased member just got their tax return. Can I apply that to their loan if death is default in our loan agreement?
I have a safe deposit box that is joint ownership. One of the owners has died. Does the executor of the estate have access to the box, just the joint owner, or both?
I cannot find the answer to this question anywhere - Joint standard DDA, safe deposit box or SAV account; when the bank has knowledge that one of the account holders has died, are we in violation if we do not change the title/ownership on the account? Widow would like to leave her husband on the account (he is primary)?
We have been informed that our client is deceased. The account is titled (for example) John Smith - POD (POD is listed as John Smith Trust). The successor trustee of the “John Smith Trust” has provided us with a copy of the full Trust, the Will, and the certified death certificate. The successor trustee requested that the account be closed and a cashier’s check payable to the trust be mailed to his address.
Is the bank protected if we follow the instructions of the successor trustee, or are we better protected if we change the title of the account to the trust, have the successor trustee complete a Trust Certification and Signature Card and then close the account with a cashier’s check payable to the trust?
Who has first access to a safe deposit box? Let's say a customer has two or three "co-owners" on the box and one of the co-owners has passed away and that customer in their Will has appointed someone executrix. This person who has become executrix brings in the papers and wants to access the box. Do they have the right to access the box if they are executrix/executor or does the existing co-owners have "first-rights" to the box?
If a primary account holder is deceased on an interest bearing account, and this being a husband and wife or vice versa, does it need to be closed and another be re-opened to add new signers?
I am processing a Small Estate Affidavit that will require the bank to issue several cashier's checks to beneficiaries. Normally the bank charges a small fee to issue Cashier's Checks. Is there a problem charging a fee to issue cashier's checks from a deceased account holders account to pay the beneficiaries.