Handling Accounts, Checks and IRS Reporting at Death
Your customer passed away yesterday and the family is grieving. Yet, in the midst of all the remembering and honoring of a life, the legal and compliance clock is ticking.
In most states, checks can be paid for 10 days after the date of death. However, ACH items cannot be paid once we know the customer is deceased.
When your deposit customer dies, many issues and questions arise. Who can have information on the account? Who owns the account? What has access to the account? What happens with powers of attorney and authorized signers on account? Can the spouse of the sole proprietor continue to access the account? What about that last tax refund check? Is the account still insured? Can a check be written to a funeral home? What about the checks coming in to pay funeral expense? Learn about checks, IRAs, deposit ownership, trusts, UTMA, affidavits of heirship and other complex issues that can occur when a customer dies.
- Probate versus non-probate transfers
- When does the will govern and when does the signature card?
- What bypasses a will? PODs, IRAs, JTWROS?
- Living trusts and successor trustees
- When do we know that a customer is deceased?
- When can we use small estate affidavits?
- What happens to powers of attorney, authorized signers, etc.
- How are IRAs, HSAs and UTMAs affected?
- Do sole proprietorships cease at death?
- FDIC insurance issues
This webinar is designed for customer service representatives, branch administration, branch managers, tellers, training and development staff, compliance personnel and anyone who handles customer accounts.
Deborah Crawford is the President of Gettechnical Inc., a Virginia based training company. She specializes in the deposit side of the financial institution and is an instructor on IRAs, BSA, Deposit Regulations and opening account procedures. She was formerly with Hibernia National Bank (now Capital One) and has bachelor’s and master’s degrees from Louisiana State University. She has 27 years of combined teaching and banking experience.
Institute of Certified Bankers: Visit http://www.icbmembers.org/login.aspx for instructions regarding self-reporting. Estimated credits: 2.5 CE Credits
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