Handling Deceased Deposit Accounts
Course Number: Webinar
Course Code: n/a
Your customer passed away yesterday and the family is grieving. Yet, in the midst of all the remembering and honoring of a life, the legal and compliance clock is ticking.
When your deposit customer dies, many issues and questions arise. Who can have information on the account? Who owns the account? What has access to the account? What happens with powers of attorney and authorized signers on account? Can the spouse of the sole proprietor continue to access the account? What about that last tax refund check? Is the account still insured? Can a check be written to a funeral home? What about the checks coming in to pay funeral expense? Learn about checks, IRAs, deposit ownership, trusts, UTMA, affidavits of heirship and other complex issues that can occur when a customer dies.
-Probate versus non-probate transfers
-When does the will govern and when does the signature card?
-What by passes a will? PODs, IRAs, JTWROS?
-Living trusts and successor trustees
-When do we know that a customer is deceased?
-When can we use small estate affidavits?
-What happens to powers of attorney, authorized signers, etc.
-How are IRAs, HSAs and UTMAs affected?
-Do sole proprietorships cease at death?
-FDIC insurance issues
-Paying checks after the date of death
-Paying ACH items after the date of death
Audience: This webinar is designed for customer service representatives, branch administration, branch managers, tellers, training and development staff, compliance personnel and anyone who handles customer accounts.