Bank

Bank Accounts

The survivor of joint bank accounts can usually withdraw from the account without legal procedure. In large estates there may be federal and state taxes requiring releases from government officials. Bank accounts in the sole name of the deceased will usually require probate action. For small amounts, some banks have forms which permit payment of the balance toward funeral expenses if no other assets require probate. An attorney or bank will answer specific questions.

Safe Deposit Box

A safe deposit box held jointly or in the deceased�s sole name, will be sealed until a county, state or bank official can take inventory. The bank must know date of death, interest of person making inquiry, whether the key is available and whether the box was rented in the deceased sole name or jointly with others.

Stocks

Stocks in the deceased's sole name require probate action. Stocks owned jointly may be transferred to the surviving owner by presentation of a certified copy of the Death Certificate to each company in which stock is jointly owned. Stock held ad "Joint Tenants" transfers to the survivor upon proper documentation to the broker. Stock held as "Tenants in Common" requires probate. A broker or banker can assist you. Federal and state tax questions are best answered by an attorney or tax advisor.

Savings Bond

SINGLE OWNERSHIP BOND is part of the estate and will be paid or re-issued to a qualified person. BENEFICIARY (one owner, payable on death to a beneficiary). Bond becomes property of beneficiary. If beneficiary dies first, no action required unless new beneficiary or co-owner is added. Proof of death is required for redemption or re-issue. CO-OWNERSHIP (two names on bond). Survivor becomes owner; a beneficiary or co-owner may be added. An attorney or banker should be consulted.

Charity

Charity Trusts

A monetary gift, in many states, may be made to a charitable organization by opening an account for yourself in a Trust savings account. At your death, the money in the account passes to the named charity. Consult your banker or attorney.