An IRA owner (now deceased) and beneficiaries all received 1099R with a code 4 in box 7. The IRA owner did not receive any distributions. Is this correct?
We have a business account for a corporation. The owner and only signer on the account has passed away. The articles of incorporation only have him listed. What do we do to keep his business running and his employees paid?
When should we remove the name of a deceased owner if the family has never contacted the bank to request it be done? Is a new signature card required if no one else is being added in a joint ownership situation?
If a person is deceased, can we deposit a check made out to that persons Trust in one of his other accounts that is in a joint name with the deceased
and the successor trustee of his trust, or how does this item get cashed?
Who would be the beneficiary on a representative payee account when the owner dies? Since a POD can't be named on the account what do we do with the
funds in the account, and can the next of kin close the account with a death certificate in Oklahoma?
What avenues of recovery are there for an issuing bank where their customer is killed abroad, and fraudulent transactions are made by the perpetrator after the killing and subsequent theft? The killing occurred 26 days ago, and the transactions occurred the day of the killing and the following day.To make matters worse, the card used was a MasterCard debit card, and the perpetrator somehow obtained access to the PIN.
Can an Executor of an Estate access a safe deposit box, or does the paperwork have to state "access to any safe deposit box" in the wording?
For estate accounts we require the customer to present an original death certificate and an original short certificate. We will make a copy of the death certificate and return it to the customer, if requested. However, we do require to keep the original short certificate. Should we be accepting copies of both rather than the originals?
(A Short Certificate is a legal document that shows the decedent’s name and date of death. It will also show the name of the Executor/Executrix who has been named to handle the affairs of the estate.)
We have a customer that has brought in a decree approving first and final accounting and closing of an estate. The administrator has asked us to cut 3 separate checks to the heirs listed in the document. Our issue is the administrator never moved the money into an estate account. It is still in the name of the deceased. Should we ask them to open an estate account just for the disbursements or would it be ok to do it directly from the deceased account?
Best practice for closing and reopening IRA and or CD accounts in new beneficiary names due to death. Should we keep the same rate or give the current rate which is less?