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An executor must be appointed by the probate court. The court will issue "Letters Testamentary" and those letters give the executor the legal authority to access the decedent's assets. You will need to provide the bank with a copy of your Letters Testamentary in order to collect the balances and close the accounts.
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If I am a beneficiary of a POD bank account. Can the executor of the estate make me return the funds to estate?
No. The funds belong to you. Payable on Death accounts are not a probate asset. The funds will be paid directly to you by the bank. To collect the funds, you need to obtain a copy of the death certificate and take it to the bank. You must show whatever identification the bank requires. You should obtain an official statement from the bank stating the balance that was paid over to you. You should keep that statement in your important records and provide the executor with a copy. Although the account is not part of the probate assets the balance must be added to the assets of the estate for tax purposes. Therefore, all the executor needs is an official statement from the bank that shows the balance of the account that was paid over to you.
Does the adm of an estate need a letter from an attorney to acquire bank records for the estate?
The court appointed Administrator was issued Letters of Administration by the court. The letters give you the authority to obtain bank records and access accounts.
Who becomes the executor of an estate if no one accepts being executor and no relatives?
The court will appoint an executor either an attorney or a bank. The cost will come out of the estate.
Do heirs in New Jersey have a right to see the bank records of an estate if the executor will not provide the information?
Certainly. The records have to be filed with the court and they are a matter of public record. The heirs may wish to hire their own attorney if they don't feel the executor is doing a proper job. They can petition the court to have the executor removed as well.
How do you get bank records of deceased parent without being the executor of the will?
Only if one of the heirs was specifically named as a joint owner of the account(s). Otherwise, only the "Executor" of the deceased's estate could obtain them. However, if the deceased died without a will ('Intestate') the heirs could eventually obtain the banks records via an order of the Probate Court.
Why it is beneficial to appoint the bank as an executor?
There are benefits and detriments to everything, and appointing a bank as an executor is no different. Appointing a bank is only beneficial if it is a substantially large estate. In fact, most banks will refuse to become the executor, even if named in the will as the executor, if the estate does not consist of certain minimum amounts it fixes. Benefits flow mainly from the financial expertise they have in handling large sums of money and investing them while the estate is being administered so as to obtain the best rate of return. Another benefit is that it takes administration of the estate out of the hands of a single family member where jealousies or other family issues might cause losses, delays and other problems.
Can relative be an executor of your estate?
It depends on the laws of the particular state where the will is being executed concerning the executor.
Does anyone know how it is possible for an attorney to cash a estate cheque if he is the 2nd executor on the estate and the brother of the deceased is the first executor?
You take it to the bank and cash it with the letters of authority. If the money is going into the estate accounts, anyone can deposit it.
How can a bank execute a last will and testament?
A Last Will and Testament must be executed by a person. In that sense "execute" means to make and to sign. A bank may be appointed the Executor of an estate. The Executor is given the power by the court to carry out the distribution of the assets as directed in the will, pay debts and taxes, sell the real estate if necessary, execute the necessary probate documents, etc. The bank is entitled to a fee for this service. When a bank is appointed as the Executor the bank assigns a bank official to the case who signs all the documents necesssary to settle the estate on behalf of the bank.
How can an heir examine estate bank accounts if executor refuses to share them?
First, an executor must be appointed by the court. Until the appointment they have no authority. To commence the probate of a testate estate, the will must be submitted to the probate court for allowance and the executor petitions to be appointed. If the will is allowed and the executor appointed, a probate case is created and that file becomes a public record. Anyone can visit the court, request the file and review the contents. One of the first duties that an executor must perform is to gather up all the property of the decedent and submit an inventory to the court. Any bank accounts must be listed along with their balances. After all the decedents debts have been paid and the property distributed, the executor must submit a final account that details where all the assets went, either to pay the debts of the estate or as distribution to the heirs. Any person can monitor the estate by periodically reviewing the file. No one but the executor is "entitled" to handle bank records. If you think the executor is not reporting assets accurately you can file a motion asking the court to compel the executor to produce bank records. You may need to hire an attorney if the situation gets that serious. See the related question link for a list of the general duties of an executor.
Do the bank have a right to destroy your house deeds?
NO. The bank has no such "right". You can obtain a copy of your deed from the land records office where it was originally recorded.NO. The bank has no such "right". You can obtain a copy of your deed from the land records office where it was originally recorded.NO. The bank has no such "right". You can obtain a copy of your deed from the land records office where it was originally recorded.NO. The bank has no such "right". You can obtain a copy of your deed from the land records office where it was originally recorded.
Can a deceased person earn dividends on a bank account?
The estate can earn dividends on a bank account. The executor is responsible for making sure this happens and it gets included in the estate.
