Banking Question: Transferring Access to Estate Trustee

[pimentoLoaf]

My mom died earlier this week and I'm named as one of the trustees of the estate. Her bank account is named in the estate, and I cannot draw money from it to pay increased number of bills without access.

Is all that's needed is a death certificate and some proof of access?

Would the other trustee, who doesn't yet have access, have to be present too?

 

[rdowns]

Sorry to hear that. My condolences.

 

[fireshot91]

So sorry about your mother...

 

[danny_w]

So sorry to hear about your mother. Banking can be tricky, so the rules can be a little different, esp. in different states. When my mother died several years ago, fortunately I had signing authority on her account (but not ownership of the account). Because of this I could get bank statements for my brother, who was listed as executor of the estate, but I could not add him to the account. I think that to get access to the account himself he had to show a death certificate and proof that he was executor. I am not sure about a trustee, since that is not a term used in my state.

 

[pimentoLoaf]

Trustee is the same as executor.

I tried to get my mom to list me as having POA, as it was a simple online form. I delayed a few days as I was busy with other things. FAIL. Never wait whilst a really old person is in hospital. Though she was still alive, she was in no condition to have conversations with bank personnel over the matter. Losing the window of opportunity, I now have this after-death situation.

 

[ucfgrad93]

Sorry to hear about your mom.

 

[sdsvtdriver]

First, sorry to hear about your mother. My condolences to you.

You should see the estate planning lawyer that prepared her legal documents with the other trustees. If that person is unknown, I'm sure any estate planning lawyer can assist with the process.

 

[ravenvii]

First, sorry to hear about your mother. My condolences to you.

You should see the estate planning lawyer that prepared her legal documents with the other trustees. If that person is unknown, I'm sure any estate planning lawyer can assist with the process.

This is what I would suggest, as well. Lawyers in actuality don't know ****, but with the tools they have, they do wonders. What can you do.

Condolences though, that must be hard.

 

[Little HZ]

Condolences on your loss. I hope you get all the estate questions settled quickly and painlessly.

 

[TJRiver]

Looking for legal advice on an Apple Rumors website....... Best of luck

Sorry about your loss.

 

[hexonxonx]

I went through the same thing three years ago. My brother and sister all agreed that I should be the "Personal Representative" since my mom wanted me to have her house. My mom had a checking account and I was able to take control of it with the proper documents such as the court order naming me as the Personal Rep. I needed to bring that paper as well as the death certificate. It was a very easy process since I was the only one named to handle the estate.

When I went to the bank, I was not able to withdraw the money and you won't be able to either but state laws may differ. I had to open a new checking account that was named the Estate of "________" and my name was on the checks as well. I was able to use the checks for anything I wished. The account is now empty but it still remains open.

You will likely have to have the other trustee with you as well since you are both named.

It is the hardest year you will go through in your life. It was for me. I love my Mother and miss her beyond belief.

 

[pimentoLoaf]

I am worried about the "other trustee" thing, too. My brother lives elsewhere and it would be a hardship for him to come out now. Fly in just for that and then fly out on one day? Possible, but banks aren't open on Sunday.

Not being able to withdraw the money will be a problem, as I'll have no other way of paying bills -- in fact, I have to pay myself back for the funeral expenses. What would be the point of taking over the account if not to draw on it?

Might not have the withdrawal problem as the account is already named "The ___ Trust", and the legal paperwork of the estate says that I'm a co-trustee of said Trust. Has it been through a judge yet? No, but the attorney claims I won't have to worry about that.

What bank were you dealing with? Was it a nationally-known bank or a local one?

Looking for legal advice on an Apple Rumors website.......

Am dealing with an attorney full-time; just thought I'd hear back from a few people. I will write him with questions based on what people post here.

 

[hexonxonx]

My Mother and I both had our accounts at the same bank, Bank Of The West with branches in several states. I just remember that the money had to be moved to an estate checking account.

I was pretty lucky in a way that my Mother didn't owe much when she passed away. A few small doctors bills and that was about it. Everything else went pretty easy since she had a handwritten will and the money in her account was enough to cover my legal costs that I spent. She also owed nothing in taxes since she was able to get my Fathers social security after he passed away. You will have to file your Mother's final tax return for this year.

 

[pimentoLoaf]

Handwritten will?

My folks went to an estate-planning attorney, who wrote up quite a number of documents. Health care POA, living will, etc ... Yep, costs money, but you're totally covered. If done in a certain way, you'll have no probate.

 

[hexonxonx]

Handwritten will?

My folks went to an estate-planning attorney, who wrote up quite a number of documents. Health care POA, living will, etc ... Yep, costs money, but you're totally covered. If done in a certain way, you'll have no probate.

Yes, it was handwritten and signed and perfectly legal and accepted by the court. No probate.

 

[sdsvtdriver]

I am worried about the "other trustee" thing, too. My brother lives elsewhere and it would be a hardship for him to come out now. Fly in just for that and then fly out on one day? Possible, but banks aren't open on Sunday.

Not being able to withdraw the money will be a problem, as I'll have no other way of paying bills -- in fact, I have to pay myself back for the funeral expenses. What would be the point of taking over the account if not to draw on it?

Might not have the withdrawal problem as the account is already named "The ___ Trust", and the legal paperwork of the estate says that I'm a co-trustee of said Trust. Has it been through a judge yet? No, but the attorney claims I won't have to worry about that.

What bank were you dealing with? Was it a nationally-known bank or a local one?



Am dealing with an attorney full-time; just thought I'd hear back from a few people. I will write him with questions based on what people post here.

I must have missed the fact that your Mom had set up a trust and named you a co-trustee. I'd gather you wouldn't have any trouble accessing the funds in the trust account as you are authorized per the trust. Now, if you are a designated successor trustee, you will most likely need the death certificate to access the funds. Your lawyer will obviously be able to clarify your next steps.

Good luck.