When a Deposit Customer Dies: Issues to Consider
Your customer passed away yesterday and the family is grieving. Yet, in the midst of remembering and honoring a life, the legal and compliance clock is ticking. Join us for 15 issues you should consider before handling a deceased customer’s accounts.
In most states, checks can be paid for 10 days after the date of death. When your deposit customer dies, many issues and questions arise. Who can have information on the account? Who owns the account? Who has access to the account? What happens with powers-of-attorney and authorized signers on an 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 expenses? Learn about checks, IRAs, deposit ownership, trusts, UTMA, affidavits of heirship, and other complex issues that can occur when a customer dies. Join us for 15 issues you should consider before handling a deceased customer’s accounts.
- Probate versus non-probate transfers
- When does the will govern and when does the signature card?
- What by-passes 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
CSRs, branch administration, branch managers, tellers, trainers, compliance and anyone who handles customer accounts.
Deborah Crawford is President of gettechnical inc., a firm, specializing in the education of financial institutions nationwide. Her 27+ years of experience began at Hibernia National Bank in New Orleans. Debbie specializes in the area of deposit account laws, new account documentation, insurance, complex compliance regulations and IRAs.
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