We have a customer receiving her deceased husband's VA check monthly. The VA sent a letter requesting information on the title on the account into which the check will be deposited. It MUST be titled correctly in order for the deposit to go in. It was suggested that we title it as a fiduciary account with both persons listed on the account. How would we title this account to be correct? Currently we have the spouse as trustee and the deceased husband as fiduciary owner listed as the titles on a fiduciary ownership. Is this correct?
If you have a single party account without a POD, is there any law that states anything about paying funeral expenses or utilities of the deceased from this account?
We have an issue regarding a deposit account. The account was a joint account for a husband and wife and they both died in a car accident, so the time of death is the same. The decedents have different executors and want to settle the estate, so how do we to go about closing the account? Should we make a check payable to both estates (Example: John Doe Estate and Jane Doe Estate) or should we divide the amount in half and close with two checks, one for each estate?
We have a customer who is the sole owner on a checking account and she is deceased. There is, however, an authorized signer on the account. What rights does the authorized signer have now that the owner is deceased? My thought is that they have no rights after death since they are not an owner and that the funds are now part of the decedents estate. Am I on the right track?