馃攳
Are bank accounts frozen on death and how to probate the accounts for surviving heirs - YouTube
Channel: Cortes Law Firm
[0]
probate a frozen bank account
[4]
did you know that most banks will
[6]
immediately
[7]
and i'm talking immediately frees a bank
[9]
account when the account owner dies
[12]
now you might think and you might even
[13]
answer well that makes sense
[15]
and it actually does until you're in the
[18]
middle of a probate and
[19]
you need that money that's in that bank
[21]
account to pay final expenses
[23]
utilities and just to keep the estate
[26]
assets going
[27]
until they're distributed if the bank
[29]
account gets frozen then the heirs are
[31]
usually scrambling
[32]
to find money to pay expenses especially
[35]
funeral expenses at the very end
[37]
now if you hold your bank account in
[40]
joint tenancy with someone else
[42]
then there really should not be a
[44]
problem just remember
[46]
that the other joint tenant tenant
[48]
immediately owns
[50]
the entire account on the death of the
[53]
first tenant
[54]
so if you intended money in that bank
[57]
account
[58]
to go to others even if it's in a last
[60]
will
[61]
a bank account with a joint tenancy will
[64]
pass
[65]
outside of the estate in oklahoma which
[68]
means a last will does not apply
[70]
to the bank account because it's outside
[72]
of the estate
[74]
that makes sense so let's say you have
[76]
three kids
[78]
and you hold your bank account in joint
[80]
tenancy
[81]
of sixty thousand dollars with your
[83]
oldest daughter
[85]
you discussed this with your oldest
[86]
daughter and she agreed
[88]
that if you passed then she would split
[90]
the money that sixty thousand dollars
[93]
with her other two siblings however
[96]
when the time comes your oldest daughter
[99]
who you trusted
[100]
decides she doesn't want to share and
[103]
your other two kids are left out in the
[105]
cold
[105]
now they could try to sue but the bottom
[107]
line is that account
[109]
became the daughters and hers only the
[112]
second you passed away
[113]
because it was held in joint tenancy
[115]
instead i have seen other folks try to
[117]
use a pay on
[119]
death designation pod instead
[122]
this is not a bad idea but most banks
[124]
will still immediately freeze the
[125]
account
[126]
this is because they will usually
[128]
require a death certificate and an
[129]
affidavit of survivorship
[131]
by each of the surviving heirs this is
[135]
usually not a big deal
[136]
but it can take several weeks to months
[138]
to receive a certified death certificate
[140]
if money is needed immediately
[142]
the heirs might need to pay out of their
[144]
own pocket until they can submit the
[146]
appropriate documentation
[148]
to the bank so that they can be
[150]
reimbursed can you guess what i believe
[152]
is the best option for most people
[155]
comment below and let's see who answers
[156]
first
[157]
if you said revoke of a living trust
[160]
then
[160]
you win the big prize part of the
[163]
process
[163]
of funding your remarkable trust you
[166]
will change
[167]
the ownership of your bank accounts to
[169]
the name of your trust
[171]
your revocable trust will become the
[173]
owner of those bank accounts
[175]
this means that if you become
[177]
incapacitated you're still living
[179]
your successor trustee can immediately
[181]
step into your shoes
[183]
and have access to all bank accounts
[185]
owned by the trust
[187]
the same goes for when you pass away
[190]
your successor trustee
[192]
simply steps into your shoes without
[194]
delay
[195]
bank accounts do not get frozen and your
[197]
trustee can pay for final expenses
[199]
utilities mortgage payments and
[202]
generally just keeping up the estate
[203]
until it needs to be distributed
[205]
i hope that you can see from our video
[208]
that a revocable living trust
[209]
centered estate plan really provides a
[212]
seamless transition
[214]
from you to your successor trustee both
[216]
during your lifetime
[218]
and after you pass well guys if you're
[220]
getting value today can you please do me
[221]
a huge favor
[222]
and hit the like button below the one
[225]
with the thumb up
[226]
and also if this is your first time here
[228]
then hit the subscribe button
[230]
i'd really appreciate it thanks for
[232]
watching have a great day
[233]
and as always have an awesome week i'll
[236]
see you next time
[237]
thanks for watching
[240]
[Music]
[253]
[Music]
[258]
you
Most Recent Videos:
You can go back to the homepage right here: Homepage