Would you please clarify IOREBTA ACCOUNTS - are they the same as IOLTA?
When there are accounts owned by an individual who is deceased and the accounts exceed $3,500.00, is it permissable to pay the funeral expenses from the balance and then close the accounts making the check payable to the estate? Or should the accounts be closed and check made payable to the estate and it then becomes the executors responsibility to pay the funeral expenses from the estate account?
We have a CD that is titled Jane Doe POD to Bob Doe and Mel Doe. Jane Doe dies and so does Mel Doe. Do all the funds go to Bob Doe or does he only get half and Mel Doe's Estate get half?
- Between 500,000 and 700,000 people each year become victims of identity theft.
Privacy Rights Clearinghouse/Massachusetts US Attorney's Office, PR Newswire, 5/1/02
(Editor's Note: Legislation has again been introduced to change the limits of FDIC Deposit Insurance which, if passed, will initiate many questions from our depositors.
Question: I have a multiple question on burial reserve accounts and accounts in the single name of a person now deceased.
I had a customer come in and ask me to notarize some revocable trust documents. Her son, who is graduating from law school in May, had written the trust for her. I asked her if she wanted to transfer her accounts into the trust and her son said that wasn't necessary. He said she had a pour over will that would allow everthing to go over into the trust at the time of her death. I had never heard of this before and wondered if this was correct. I had always been told that they needed to transfer their accounts into the trust while they were still living.
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?
Will the slowing and depression of the airline/travel, insurance and real estate industries trickle down to community banks? If so, in what way?
Does this mean we must allow POD designations on safe deposit boxes?