E129 How to Collect a Deceased Persons Bank Account

Today we’ll walk you through how to collect a deceased person’s bank account.

There are a few possible twists, turns, and surprises. So we’ll try to prep you, to make it as easy as possible for you.

Today we’ll cover:
(1) Frozen bank accounts
(2) Don’t forge!
(3) Joint accounts
(4) When you need probate

Lastly, we’ll save you some time be telling you about the next step you should prepare to collect a deceased person’s bank account

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[AnthonySPark]

Ask your questions about collecting a bank account here

[pamelajackson]

does a person have to go to court to get funds in a T.O.D. account ? (transfer upon death) How does TOD work?

[angelatwistee]

Anthony...my father passed. He has a Direct Express card where he gets is SSI benefits on automatically deposited . I am the benifiary in the WILL and personal representative. How do I get the 21K from the card? I do have a check made out tonthe Estate of my father. I understand I must set up an bank account with a death certificate and a tax ID. Plz help..

[maniaccash]

Great video it really made me feel at ease in my current situation 💯

[TheChrist]

Ima spend it all before anyone touches my money

[TheSooz]

How do you make sure you have in place a POD for a bank account and that the bank hasn't changed that or deleted it? Are all parts of the account covered under one POD or do they have to be individually have to have the POD? Cd, checking and savings?

[ZebLewis]

I have a weird one. I started taking care of an elderly woman (ie buying her groceries (with my own money) and driving her to appointments. When I met her she was living in a low income apartment. We became very close friends and in fact she told people I was her son frequently. Right before she passed away she called me and told me she was leaving me millions of dollars. I thought maybe she was not doing well or something and didn’t think much about it. After she passed her lawyers office contacted me and confirmed it but then flipped and said she wasn’t of sounds mind and the will was no good. But when you look at the public record everything is just gone. I don’t know what happened or how I would even find out about what happened. Her lawyer just flipped and wouldn’t talk to me. Could it be in a tod or something like that? Sorry for the long comment.

[karengordon]

How can I find out it there was money in my mother’s trust? My sister was the executor of the will, she was on the trust with my brother and I.

[HappySlayer]

What if I have the pin number and I'm the only relative? How illegal is it for me to just take the money out?

[Aspiretone]

You guys never went over the steps to even set up a court date and stuff. I’m still wondering if i need to hire an attorney or if i can do this all alone

[hmayor]

What is the average amount to pay a probate lawyer to take care of a situation like this?

[brendaniemann]

Okay my husband has $500 in the bank and I'm supposed to go through all this they can keep it

[rvodyssey]

I'm in a pretty stressful situation. So if somebody could answer this one question which no one can seem to answer. My father passed he has an account that's below $10, 000. This is in the state of PA. I am told several different things on how this account is released. I was told that it should be released directly to the kin which would be me. The bank has also told me that the money is supposed to go to nursing homes even though the house is going to the nursing home. So I guess my final question is for my actual question is who does that money go to the family or through the nursing home? Keep in mind the nursing home is getting the house in property that far succeeds the balance.

[juliezhang]

Great videos. Two scenarios. I have two beneficiaries (husband and daughter) under my bank account. 1. what should i do if one of beneficiaries passes away before the primary acct holder? 2. If me and husband pass away for some reasons, how does my daughter proceed my account? I am seeking your advise and response. Thanks.

[lady]

Hi, love your clip, very helpful. Quick questions 🤔
1)If you are selecred by the family to be the informal estate representative (as there is no need for probate as seen below) do you still need to go through the court to now be the official representative in order to get a court order for the bank to release the funds to an estate (if the aren't any beneficiaries)? 2) can the medical, funeral expenses, federal taxes, etc be paid directly from that bank account/estate before having to pay any other debtors such as credit cards?
3) Is it to my understanding that if there was a conjoined account or beneficiaries, this would be excluded as a source debitors could collect OR would debt need to be consolidated beforehand?

To put everything into context, my husband was designated as the informal estate representative of his dad (agreement by mom, (they are NOT married; common law isn't applicable in CA) AND siblings. He has been following the guidelines listed (after tiredness research to become self knowledgeable ;to the extent possible) as what needs to be done to establish his dad's estate ($ vs debt), and if probate would be necessary (as well as identifying sources of $ that may be required to use to pay the most possible debt. To our understanding, only the bank account may be in his sole name. 4) Would there be possible criminal charges if we attempt to identify if there were any beneficiaries (as we can't find that online)? 5)coocupancy, which passes upon death in lieu of survival sole ownership to mom. That would be excluded correct?

The below would need to be in probate and be accessible for debitors to make claims for payment.
1. Assets in the deceased person's name alone. (Perhaps and only bank)
2. One-half of each asset owned as community property in the decedent's name with his or her spouse. (N/A as they aren't married)
3. The deceased person's portion or share of an asset where the asset is owned as tenants in common with other people. (N/A)
4. Personal property assets, which are owned but are not registered as the personal property of the Decedent, such as furniture, jewelry, etc. (N/A; i read car did NOT count, is that correct?)
 
California law provides that a probate is not necessary if the total value at the time of death of the assets, which are subject to probate, does not exceed the sum of $100, 000. There is a simplified procedure for the transfer of these assets.
The $100, 000 figure does not include vehicles and certain other assets.
coocupancy, life insurance, social security benefits etc

[jasmindixon]

i give authorization to a person to collect my money, at the bank and the bank release alreafy the money but why she said, we wait for grant of the court before she can send to me.

[yummylaos]

So if a person that dies been receiving checks from the social security office you won’t get the money after death they will try to reverse it

[carmelitafearon]

if funds was left for a child as a beneficiary. However the funds was given to the grandmother because the child was young. The mother was a crown ward and had no current relations with her mother. If the mother kept the funds that was left for the child, how do you over turn this if you are the care giver of the child and have court documents to prove it.

[esolo]

Beneficiary still goes thru probate someone’s dealing with that now?

[AbbyRowe-rfuv]

This is referring to relatives bank accounts correct?