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If your 19 yr old son dies with no will do you need a Letter of Testamentary for depositing insurance proceeds to an account?
Wiki User
∙ 16y ago
Insurance is a contract. The check can be deposited by whomever it is made out to without any other requirements. If it is made out to the estate, an estate will have to be opened. If there are questions, you may wish to consult with an attorney that specializes in probate for your state.
Wiki User
∙ 16y ago
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Whose PAN no is required while depositing rs 49999 or more in the bank account whether it is account holder's or the third party's PAN number who is depositing the cash?
The person who is depositing money
What is a bank account beneficiary?
A beneficiary is the person who receives the benefit (usually money) from an insurance policy or a trust.
What you call putting money into the account?
depositing
Can your joint partner in an account endorse a check in your name before depositing it in your account?
no
What are the uses of ATM?
1. Withdrawing cash2. Depositing cash3. Depositing cheques4. Checking account balance5. Account mini statement6. Mobile recharge/top up etcIt takes money out of your bank account and gives you it in cash
How do you write a journal entry for a stolen company vehicle and insurance payment?
Assuming you receive cash from the insurance company, rather than a replacement vehicle: Credit the Fixed asset account for the vehicle at cost. Debit the Accumulated depreciation account for all depreciation recorded on the asset Debit Cash for the amount of cash received. If the difference between these accounts is a credit, then credit Gain on insurance proceeds from casualty loss. If it's a debit, then debit Loss on insurance proceeds from casualty loss.
How do you make a claim to a NY bank for an account found in the name of a deceased person. There was an executor of the will.?
The account would have become part of the estate. The executor was issued "Letters Testamentary" when they were appointed by the court. Those letters authorize the executor to withdraw the funds and close the account. Contact the bank to find the department that will assist you in closing the account. It will require certified copies of the letters from the court. The proceeds from the bank account should de distributed according to the provisions in the will.
When you deposit money to 1 account is it a debit or a credit?
it is a credit. Depositing money into an account is putting money in.
What does beneficiary to a bank account mean?
A beneficiary is the person to whom the proceeds of a bank account would be paid if the primary account holder of that bank account dies. They can also be termed the nominee for a bank account. This is very important for cases wherein the account holder does not have a legal will stating to whom his account proceeds should go. In such cases the bank would choose the nominee or beneficiary and pay them the account proceeds.
You are depositing 30000 to my brothers account to buy a home. are you going to be taxed?
yes.
Can you deposit a check made out to cash?
Yes we can make this by depositing the cheque in our account
What is the journal entry when capital is introduced by depositing into bank?
Debit Bank account xxxx Credit Capital account xxxx
