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.