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Posted by d. on August 31, 2008, 2:50 pm
My wife very recently passed away and I am going to have to set up an
estate account for a year or two. Not a large estate but definitely
well over the FDIC 100k individual insurance limit. I don't recall
anything on their web page directly addressing this. I'll call the
FDIC tuesday, but I wondered if anyone here has considered this. I
suppose the main thing would be to set up the account at the safest
bank possible, considering the present state of the banking system
d.
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Posted by Douglas Johnson on August 31, 2008, 3:32 pm
d@noospam.com (d.) wrote:
>My wife very recently passed away and I am going to have to set up an
>estate account for a year or two. Not a large estate but definitely
>well over the FDIC 100k individual insurance limit.
Does it have to be one account? Divide it among as many banks as necessary to
stay under the $100K limit.
-- Doug
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Posted by d. on August 31, 2008, 6:09 pm
>d@noospam.com (d.) wrote:
>
>>My wife very recently passed away and I am going to have to set up an
>>estate account for a year or two. Not a large estate but definitely
>>well over the FDIC 100k individual insurance limit.
>
>Does it have to be one account? Divide it among as many banks as necessary to
>stay under the $100K limit.
>-- Doug
>
I can do that I suppose.. I just wondered since a single account will
have several ultimate beneficiaries will it only be covered for 100k?
It may well be that the estate is considered only one person. I don't
know at this point.
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Posted by John A. Weeks III on August 31, 2008, 4:13 pm
> suppose the main thing would be to set up the account at the safest
> bank possible, considering the present state of the banking system
How do you mean that? Our banking system is extremely solid, perhaps
the best it has been in all of human history. Your chances of losing
even a dime are so remote that one can hardly even think of a
science fiction plot where you would lose any money. You should
at least make sure that your accounts are insured, but there are far
more things to lose sleep over than the minute chance of losing money
at a bank.
-john-
--
======================================================================
John A. Weeks III 612-720-2854 john@johnweeks.com
Newave Communications http://www.johnweeks.com
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Posted by Gil Faver on September 1, 2008, 6:19 am
> My wife very recently passed away and I am going to have to set up an
> estate account for a year or two. Not a large estate but definitely
> well over the FDIC 100k individual insurance limit. I don't recall
> anything on their web page directly addressing this. I'll call the
> FDIC tuesday, but I wondered if anyone here has considered this. I
> suppose the main thing would be to set up the account at the safest
> bank possible, considering the present state of the banking system
Misconception Number 10: An account for a deceased person's estate is
insured up to $100,000 for each person who will inherit money from the
estate.
Many people hear about the FDIC having per-beneficiary coverage for trust
accounts and automatically assume that a deceased person's estate account
will be protected by the FDIC for up to $100,000 per heir. But that is only
the case for deposits in revocable trust accounts with qualifying
beneficiaries (as well as certain irrevocable trust accounts, which we
haven't addressed here). Under the FDIC's rules, an estate account is
insured along with any individually owned account of the deceased person
(any checking accounts or CDs the person owned by himself or herself, and
not including IRAs) and the grand total would be insured to $100,000.
see http://www.fdic.gov/Consumers/consumer/news/cnspr06/leadstory.html
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