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How to Claim Single Owned Acct (Deceased Owner)

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I have a client that has a Living Trust where he is named as a trustee. His mother recently passed and she had two accounts with the bank, one under the trust, and the other only as a single ownership. Does the living trustee need to be appointed personal representative of the deceased client in order to claim the single owned account?

The trustee has no standing outside the trust itself. Access to the individually-owned account would be vested in his mother's estate. State laws may provide family members with a way to claim those funds without having to go through probate. If no such law is available in your state, only a personal representative of the estate would have access, once appointed.

First published on 05/12/2014

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