Money Accounts

TRANSFERRING /CLOSING of ACCOUNTS
Sole ownership accounts with no designated beneficiary must be included in probate proceedings and will or may require:

  • A certified death certificate for each company
  • Short certificates dated within 60 days and issued by the Register of Wills after either will has been probated pr letters of administration have been issued
  • Affidavit of Residence
  • Stock Certificates: the executor or administrator must sign all certificates and have the signature guaranteed

Banking

You should be aware that in most cases, once a bank learns of a death through notices or personal contact, all safe deposit boxes of the deceased are sealed except boxes which are joint with a surviving spouse.  In addition, all accounts including checking, savings, money market, certificates of deposit, etc., which are in the name of the deceased only will need to be inventoried by the executor of the estate and included in the probate proceedings.  Jointly held accounts can, in most cases, be assessed as usual.  Confer with the appropriate bank officers regarding outstanding loans or other transactions of the decedent. 

The tax information and estate planning information contained herein is general in nature, is provided for informational purposes only, and should not be construed as legal or tax advice. Bartron-Myer Funeral Home, Inc., does not provide legal or tax advice. Bartron-Myer Funeral Home, Inc., cannot guarantee that such information is accurate, complete, or timely. Laws of a particular state or laws that may be applicable to a particular situation may have an impact on the applicability, accuracy, or completeness of such information. Federal and state laws and regulations are complex and are subject to change. Changes in such laws and regulations may have a material impact on pre- and/or after-tax investment results. Bartron-Myer Funeral Home, Inc., makes no warranties with regard to such information or results obtained by its use. Bartron-Myer Funeral Home, Inc., disclaims any liability arising out of your use of, or any tax position taken in reliance on, such information. Always consult an attorney or tax professional regarding your specific legal or tax situation.