upon death - what happens to your accounts

Financial Planning - Financial planning in general. (Moderated) 

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Subject Author Date upon death - what happens to your accounts ps56k 08-30-2008  Re: upon death - what happens to your accounts Avrum Lapin 08-30-2008  Re: upon death - what happens to your accounts Mark Freeland 08-30-2008  Re: upon death - what happens to your accounts Avrum Lapin 08-30-2008  Re: upon death - what happens to your accounts Mark Freeland 08-31-2008  Re: upon death - what happens to your accounts ps56k 08-31-2008  Re: upon death - what happens to your accounts Coffee's For Cl... 09-02-2008  Re: upon death - what happens to your accounts rick++ 08-31-2008
Posted by ps56k on August 31, 2008, 7:08 am tnx for the various comments on what happens afterwards. I've run the simple path after my mother died a few years ago. This was more about..... the financial institutions finding out, if you don't walk in carrying the certificate & red flag the account. Basically - after a person dies, there is really nothing in the "system" that would pro-actively search this out and flag the account. Therefore - until you personally raise the issue, the accounts just keep rolling along until maybe end of year tax time, or a statement address gets bounced. -------------------------------------- Misc.invest.financial-plan is a moderated newsgroup where Moderators strive to keep the conversations on-topic for financial planning. Other posting guidelines include a request for brevity and another for trimming posts to which we respond. For all of the other tips and suggestions, see "FROM THE MODERATORS: Posting to misc.invest.financial-plan", a weekly post now on the Newsgroup. Posted by Coffee's For Closers on September 2, 2008, 5:22 am pschuman_no_spam_me@interserv.com says... > tnx for the various comments on what happens afterwards. > I've run the simple path after my mother died a few years ago. > > This was more about..... the financial institutions finding out, > if you don't walk in carrying the certificate & red flag the account. > > Basically - after a person dies, there is really nothing in the "system" > that would pro-actively search this out and flag the account. > Therefore - until you personally raise the issue, the accounts just keep > rolling along > until maybe end of year tax time, or a statement address gets bounced. There might be some situation where the institution pulls a credit report. Such as if there is a line of credit attached to any of the accounts, and they do a periodic check (e.g. annually) to make sure that the customer's situation is still OK. And credit bureaus use the official Social Security Death Index, enabling them to place a note on the file that the person appears to be deceased. -- Get Credit Where Credit Is Due http://www.cardreport.com/ Credit Tools, Reference, and Forum -------------------------------------- Misc.invest.financial-plan is a moderated newsgroup where Moderators strive to keep the conversations on-topic for financial planning. Other posting guidelines include a request for brevity and another for trimming posts to which we respond. For all of the other tips and suggestions, see "FROM THE MODERATORS: Posting to misc.invest.financial-plan", a weekly post now on the Newsgroup. Posted by rick++ on August 31, 2008, 5:34 pm The accounts cant be accessed without the deceased signature. As part of probate, the executor will take death certificates to banks to liquidate the accounts according to the Will or State Intestate Law (no Will) The executor will search the deceased papers and collect mail for a period of time to ascertain accounts. Overlooking some accounts isnt rare. After several inactive years the account revert to the state. Dateline TV ran a couple of pieces where they tracked down heirs. Sometimes entreprenuers will also track for a cut. The executor also has pay any taxes on an account's interest and deferred holdings. Unauthorised access could be a crime. -------------------------------------- Misc.invest.financial-plan is a moderated newsgroup where Moderators strive to keep the conversations on-topic for financial planning. Other posting guidelines include a request for brevity and another for trimming posts to which we respond. For all of the other tips and suggestions, see "FROM THE MODERATORS: Posting to misc.invest.financial-plan", a weekly post now on the Newsgroup. Similar Threads Posted CPP death benefit February 16, 2007, 5:00 am determine assets at time of death February 27, 2008, 5:25 am "Transfer On Death" and Mutual Fund Holdings February 15, 2008, 5:15 am Combining various IRA Accounts November 19, 2007, 3:13 pm Bank Accounts June 13, 2008, 7:24 pm Tax Managed Accounts November 25, 2008, 4:56 pm Questions About Consolidating IRA Accounts March 11, 2007, 3:33 pm consolidate fund accounts August 9, 2007, 6:06 pm can one have multiple Roth IRA accounts October 19, 2007, 10:30 am one small point about HSA accounts October 24, 2007, 10:46 am