Many of our clients bump up against this problem when a family member dies: the bank freezes the bank accounts and they don’t have access to cash to pay for expenses such as funeral and burial. Automatic payments, such as mortgages, bounce. This is not only a source of frustration but can also cost a lot of time and money to fix.
In this episode, Kirsten and Madison talk about what happens to bank accounts after death, what you can and can’t do, and how to avoid the frozen account problem.
Timestamped Show Notes:
0:00 Introductions
0:49 Clients planning for the future know that they should have a trust and that their bank accounts should be in the trust, but why exactly is this true?
1:59 Did you know that this is the amount that an estate has to be worth to trigger probate?
3:47 Your Power of Attorney is good if you’re still alive or incapacitated, but this is what happens when you pass away.
5:20 Someone has died and you’re still accessing their bank account, is this illegal?
6:04 Who is able to access an account when someone passes away?
9:56 Kirsten and Madison discuss the different types of bank accounts you can have.
17:28 What happens if someone dies and the only asset, they have is $1,000 in their bank account?
19:25 If you are the person that has Power of Attorney, can you access and use the account to help cover funeral costs or costs associated with opening probate?
20:34 If you have Power of Attorney, should you notify the bank that the person has died?
22:18 As the executor of someone’s bank account when should you close it?
Looking for more resources? Absolute Trust Counsel has a library of free articles, checklists, and guidebooks to address the most common estate planning questions in easy-to-understand language. Explore those listed below, or for more, visit absolutetrustc....
Do you need help with your estate planning now? We’ve got you covered. Together our Absolute Trust Counsel team will review your situation and work to understand your specific needs to develop a strategic plan that will protect you and your loved ones, no matter what comes your way. Here's a link to schedule your free discovery call to get started today absolutetrustc....
Do you have an incapacity plan? If the answer is no, you should consider adding it. It’s one of the most critical strategies you can have. AbsoluteTrustCounsel.com/IncapacityPlanning
Need a speaker to answer the unknowns of the estate planning world? Look no further than Kirsten Howe. For more information about Kirsten, or to get started, visit absolutetrustc....
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15 авг 2024
