Is an executor able to close an account that is titled "POD?"
IRA Customer's beneficiary is deceased. No contingencies listed and no Estate. Who gets the funds?
If a recently deceased customer has a sole account (no beneficiaries) at our institution, would it be an acceptable practice to deposit checks payable to the deceased (except Social Security) into this account [stamped "credited to the account of within named payee, lack of endorsement guaranteed..."] until the executor of their estate is appointed? Obviously the funds can't be accessed by anyone other than the court appointed rep but since the account became part of their estate at the time of death, would it be allowable to add funds to the estate in this fashion?
If a check is made payable to the estate of our deceased customers' name but she has a family trust, can her daughter deposit that check into the family trust's account? No probate proceedings have been opened, so there is no estate account.
A business account has one signer the (owner). He suddenly dies and the will gives the daughter all personal effects, household goods and chattels. Can the daughter now change the signer on the business account to herself?
When a customer is deceased and the account is frozen if ACH transactions come thru to post, do I return them-deceased? It was a single part account with an agent.
We have a deposit/lending customer who received a distribution from a relatives estate. The source of funds is not in question. They would like to get cash for a portion of the funds (about $175,000.00) and volunteered that they would put the funds in their safe deposit box. They have already cashed a check for $75,000 and presumably has stored it in the safe box. While we have made it clear to them that the safe box is not insured and as per our agreement they accept the liability, from a practical standpoint since they revealed their intention can we ask them not to use the safe box for that purpose? Of course recognizing that short of closing out their box there is no way for us to control what they do with the cash.
Can and Executor/Administrator cash a check payable to the deceased?
If there are two beneficiaries listed on a payable on death account, but one is deceased when owner passes, what happens with the funds? Does the surviving beneficiary receive all funds in the account?
Can you place hold for a levy on a estate account?