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BANK & SAFETY DEPOSIT BOXES
Because banks are subject to both state and federal
regulations, procedures can vary greatly from bank to bank and state to
state. Some states have been known to automatically freeze joint bank
accounts when one of the joint owners dies. To avoid problems, contact
your bank directly, to determine the amount of money accessible and
learn the procedures for releasing these funds, and to establish a new
account for funds received after the death.
At least one joint checking or savings account should be
left open for at least six months. This will allow you to deposit any
checks that you are entitled to but are in the deceased's name. For
instance, "Insurance Reimbursement Check". This check would be endorsed
on the back as follows: "Deposit Only" with the deceased's name PRINTED
underneath, followed by the bank account number.
If after six months you want to take the deceased's name off the
account, the bank will want to have a Certified Copy of the Death
Certificate.
A Certified Copy will also be necessary for any accounts
that are left "In Trust For" someone. (I.T.F.). Your bank can advise
you regarding IRA's or CD's (Certificates of Deposit). Both will need a
Certified Copy of the Death Certificate before they are released.
If the safety deposit box is in the sole ownership of
the deceased. Banks will require a Certified Copy of the Death
Certificate and Letters of Administration to gain access to the
contents. On co-owned safety deposit boxes, the rules vary from state
to state. Call your attorney or bank for their requirements.
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