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Beneficiary on Rep Payee Acct. when Owner Dies

Question: 
Who would be the beneficiary on a representative payee account when the owner dies? Since a POD can't be named on the account what do we do with the funds in the account, and can the next of kin close the account with a death certificate in Oklahoma?
Answer: 

Depends on whether the funds need to go through probate or can be handled via a small estate affidavit.

If the beneficiary dies, saved benefits belong to his or her estate. They must be given to the legal representative of the estate or otherwise handled according to state law.

First published on 12/15/2019

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