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?
Customer has a trust and a will. Customer dies. Which one controls what happens to the account?
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?