Thought I'd pass this along. As many of you remember, mom passed ten days ago. She will be getting an insurance rebate on the house she just sold of around $500, made out to her. How to cash it? I won't be able to without much ado.
I will, however, simply go to her bank, write For Deposit Only on the back along with her account number, and put it in the deceased person's account. I won't be signing her name. It isn't necessary.
Be in no hurry to tell the bank that your loved one has passed. Things come to a screeching halt at banks when you do this.
Just thought I'd pass that along.
Before you try to access any of your deceased loved one's accounts, be sure you have the death certificate in hand and have spoken with your attorney to see if there's anything special you need to do.
Banks almost want to strip search you when you're laying claim to someone else's money, so be prepared.
My mom is end end end stage hospice in a NH. Back in August i went to bank to see what's what after death. For her acct since I'm a signature, it can remain open& exactly like it is now. The account does not get closed. It does not have to be titled "estate of". Once her DD SS & retirement checks stop, there will be a service charge. The account needs to have some activity within a 6 month period too - otherwise it goes to state dead account list. Any activity is fine, like a $10.00 deposit. Now moms acct statements already come to me (I live in another state), so that was a good thing & I had already had spoken with trust officers in the past years so that is always a big plus in dealing with lower level bank employees. Keep those business cards!
My mom still has her home. For homeowners insurance ,policy will have to be retitled "estate of" & they will want something that shows I am executrix. Can be copy of will or email from probate attorney. There will need to be an unoccupied rider attached with a small premium on this (maybe $75) also. policy is good till probate or other title transfer (a muniment) is done & filed @ courthouse.
I imagine that what is done is really interdependent on your state laws. Moms in TX and TX has a 4 year window for probate & also has small estates affidavit & also muniment of title allowed to settle an estate. For us which approach on the home will be done will be dependent on how MERP runs as there will be exemption, exclusions & hardship filed as allowed by TX Administrative Code against MERP claim. I'm doing the legwork on this & bringing in probate attorney if we need to go hardball or do appeals with MERP. I've been executrix twice before & pretty comfortable in a courthouse so hopefully this is a workable plan. ROTFLAMO. Once that starts streaming, I'm going to a series post on my MERP experience as a story on this site.
You go in with the death certificate and your personal id and there are no problems. I've been through this three time and the financial end of it is the easiest.