Actions of Banks After Individual Account Owner Dies
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- Опубліковано 12 чер 2024
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0:00 Individual Bank Account Owner Dies
0:17 Frozen Bank Accounts are Frustrating to Survivors
0:43 Banks Have Their Own Policies and Procedures
1:17 The Banking Corporate Hierarchy
2:06 The Individual (Not Joint) Account
2:43 Payable on Death (POD) Designation
4:24 No POD Designation
4:42 How Does Bank Find Out of Death?
5:09 Letters Testamenary
6:14 Death Certificate
6:34 Funds Go To Estate Account
7:27 Individual Account With Authorized Signer
9:06 Communicate With Your Banks
9:46 Two Things Needed: Documentation and Patience
10:08 AEPL Invitation
My father passed away last year and when my sister and I (co-trustees - terrible setup) went to his bank, the bank told us what documentation we would need to release the funds and that the funds would be frozen until they received the documents. That was fine. Then when we went back to the bank with the documents, the bank had used his funds to pay toward his mortgage even though they were supposed to be frozen! Banks only look after their own interest!!
Banks REALLY struggle with accounts that involve a Trust, and they absolutely make up their own stringent rules to protect themselves.
Another great video! Interesting about having to establish a new account for dispersal. Looking forward to a trust version of this video, as you teased. Thanks for the great information!
Coming soon!
You are so on time. I also am looking forward to Trust edition.
Hi! Thanks for explaining! Enjoy your weekend! 🤗
Mom added my sister to her bank account (in her late 80s) "for convenience." Then Sis moved in with Mom to "help out," and because she wasn't living there, she rented out her townhouse.
At the age of 91, despite incipient dementia, a new will was written (the old one was a mirror of Dad's will, leaving everything to the spouse, or to the 2 daughters equally) that left 95% of everything to Sis, 2% to me, and 1% each to my 3 sons. Of course, living out of state, I knew nothing until mom passed, just under 3 months after the date the new will was signed. When I asked over the phone about a will, the only answer I got was "I haven't done anything illegal." Right. And I've got a bridge in Brooklyn you might be interested in buying; I'll sell it cheap.
I guess I'm not one of her favorite people either.
Thanks.
My father was predeceased by his executor and I was freshly out of law school. The court listed "Me and/or Brother" as executor. Trying to get a bank to list two names on an Estate account is worse than pulling teeth. 1 executor (with successor) is the way to go.
Nowadays banks no longer have staff in a actual bank ...you interact with a virtual person.
Is there a penalty for early withdrawal if a Certificate of deposit was in the bank by a parent who passed away and left it to his children if they withdraw it prior to maturity date? CD and accounts left in trust to children with no other account holders or spouse.
My Husband of 24yrs Passed of
Covid In Our Hometown of St Bernard La While
Visiting to Handle
Family/Business.
We Have A Home
In St Croix USVI. When He Passed My Step Daughter
Obtained His Wallet w His Bank
Accounts Info and
Immediately Emptied Accounts
Obtained ALL His
Mail from Postal
Service ETC Etc
Note: I Also had
To Amend His Death Certificate
Because as His Surving Spouse..
Living in USVI....
My Step Daughter
Living in STBP LA
WAS LISTED!!!
WHAT SHOULD I
DO NEXT!?😢
😊
@@user-kh5ig4tr9y NOT FUNNY!
@@user-kh5ig4tr9y NOT FUNNY 😊!!!!!
Well, that was utterly confusing.
1) what if an individual bank account is listed as an asset in a revocable living trust? Does beneficiary have immediate access to the funds? 2) can pre-death signed personal checks be cashed upon death?
What happens if a sole owner of the account has a POD and a authorized signer also.
Professor, my brain is full!🙄
Good afternoon What is the best way to reach you? Because my dad has property up there. And we're trying to add my name on It is not paid off and he's 82 years old
Different executives give different answers. Ugh. It's crazy that banks don't have written documentation on the procedures to follow upon death. I'm going to call my broker tomorrow, but I fear they won't be able to provide that either. Crazy.
You can certainly insist that whatever bank you're involved with give you that written documentation. Otherwise they will change the requirements every time you go to do whatever needs doing at the time. My sons tried 3 times to close their father's checking and savings accounts (total balance just under $25), and every time the bank needed "just one other thing". I did suggest - strongly - that they ask for the written requirements, but they gave up and left BoA in possession. Nobody listens to Mom. 😞
@@writerinfact1768 - Ambiguity favors management. "There are rules. You don't know the rules. The rules are subject to change."
My daughter opened up an account in her name and I put all of my money in that account. She then pays all of my bills, any extra will be hers if I die
All your money in a single account sounds like a really bad idea.
@@Troy_Built If she trusts her daughter implicitly, then I don't see a problem.
The problem isn't the daughter. Having all your money in one place is a really easy way to get yourself cleaned out by fraud.@@almaburns6562
@@Troy_Built I’ve got a good amount of physical gold and silver as well. I do all I can to keep greedy hands off of my assests
@@almaburns6562 - For small amounts probably
What about when there is land that is left to the 5 heirs, the one heir has usufruct until she dies but she desires to sign off to sell the property to sell
This hasn’t happened here
Let’s say she has to go into nursing home
Will their property now count as her income causing her not to qualify for Medicaid?
Please address “active investment” accounts. POD were designated to adult children with the brokerage firm prior to death. After death, brokerage firm CFP is now requiring each individual child to open an investment account with the firm prior to taking individual instructions from each individual adult child as to what to do with their portion of the account. In the meantime, account remains invested per the deceased last instructions, although the CFP has received the death certificate. Seems to me, that the account should have been frozen upon the CFP receiving the death certificate but, not the case apparently. Further, why would there be a requirement that the inheritors each be required to hire the CFP for disbursements if simply to liquidate their portion? No such instructions were required by deceased.
To the deceased, the i no longer "your" assets.