Can an estate be listed as the beneficiary on a deposit account?
When responding to attorney requests for account information on deceased customers whose estates they represent, we have always requested a copy of the death certificate. Recently, an attorney balked at this request out of concern for the privacy of information on the death certificate. He suggested the court papers are sufficient for our needs in authorizing his request, so do we need to obtain a copy of the death certificate?
Why would an individual want to open a revocable trust account? Does a living/family trust protect a senior citizen’s assets? Why not just a CD with a co-owner or beneficiary?
Is the TIN for a decedent's estate the appropriate TIN for opening an account for the decedent's trust?
A deceased customer had a consumer savings and a consumer checking account. An EIN number for an estate has been given to us. Do we change the present consumer accounts to an estate account using the same type of interest bearing account for consumers, or do we start new business accounts with the estate EIN number? The business accounts would have different interest, service charges etc., or can we just keep the accounts as they are and change the name to an estate and change to the EIN number?
I work for a commercial real estate servicing company. We received a check from a borrower as a good faith deposit for a refinance, however, he did not give us verbal authorization to cash the check. Do we have to legally honor this request or can we move forward with cashing the check?
If one of the owners of a checking account dies and the account was set up as joint with no survivorship, what happens to the funds in the account?
What happens when the minor of an UTMA account dies? Who gets the money in the account?
When we have an UTMA account, single custodian, and the custodian passes away, what happens to the account? The estate of the custodian does not work with this type of account right? What documents are needed, in addition to the death certificate, to replace the custodian?
If there is a personal representative for an estate, are we required to inform him/her which beneficiaries are listed on an account about which they are inquiring?