One of my daughters got stuck while administering her mother's estate. Her mother's checking account - to which ALL of her mother's incoming bills were directed for automatic payment - was suddenly closed by the bank. My daughter ended up paying out thousands of dollars of her own money before she found all of the documents; got all of the family releases signed and got court authorization to unfreeze the funds and transfer them to a new "The Estate of the deceased" account. All because her mother hadn't told her where her Last Will and Testament was. A poster several months ago mentioned a "death report" that I believe comes weekly from the Social Security Administration. The SSA is informed somewhere in the death-reporting process. Financial institutions subscribe to this report and shut down accounts of any customers with a matching registration. That could be any type of account with any financial institution.So, be mindful of the clock once a death certificate is issued; and be sure that any critical payout account is safe from sudden closure.
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One of my daughters got stuck while administering her mother's estate. Her mother's checking account - to which ALL of her mother's incoming bills were directed for automatic payment - was suddenly closed by the bank. My daughter ended up paying out thousands of dollars of her own money before she found all of the documents; got all of the family releases signed and got court authorization to unfreeze the funds and transfer them to a new "The Estate of the deceased" account. All because her mother hadn't told her where her Last Will and Testament was. A poster several months ago mentioned a "death report" that I believe comes weekly from the Social Security Administration. The SSA is informed somewhere in the death-reporting process. Financial institutions subscribe to this report and shut down accounts of any customers with a matching registration. That could be any type of account with any financial institution. So, be mindful of the clock once a death certificate is issued; and be sure that any critical payout account is safe from sudden closure.
Post: In My Absence
Link to comment from April 27, 2024