Closing all of my dad's accounts is making crazy

[Vintage81]

2 minutes ago, lauraw4321 said:

If there’s no name beneficiary (which is common for regular bank accounts) you might need to go through probate. I know you would in my state. 

I don't know how it works at banks...I only worked at a mutual fund company. We had lots of accounts, though, that were just single tenant type accounts with no beneficiary named. For those, we'd ask for estate type documents to distribute the money out. It has been about 10 years since I worked there, so I can't remember everything required, but whether the estate had to go through probate or not, I'm not sure. It may have to do with how large it was. Again, I can't remember. I'm just trying to think through what type of documentation this company might be looking for. 🧐

[Vintage81]

13 minutes ago, SKL said:

I'm not familiar with these medallion things.  Is is just something saying your signature is your real signature?  If so, why would they need to know what you're going to use it for?  Sorry I'm ignorant.

Here's a little article on the difference between notaries and signature/medallion guarantees...

https://notary.pandadoc.com/blog/medallion-signature-guarantee-vs-notary/

[prairiewindmomma]

1. You might end up in probate

2. A medallion signature is essentially a guarantee by a bank that a signature is valid and that the guarantor will financially accept any liability for a forgery. You typically need medallion signatures when you are dealing with things like rolling over IRAs or transfers of securities or the like. 
 

You may still be able to work this out, outside of probate, but I get why B o A hiccuped a bit. 

[Grace Hopper]

2 hours ago, DawnM said:

Well.....I made an appt with B of A to get a medallion signature.

They called me prior to coming in to tell me what they needed.

1. They need to know where the funds are coming from and see the account in my dad's name.

2. They need to know where the funds are going to and make sure I have a beneficiary account set up.

3. They need a copy of the death certificate.

4. They need to see proof that I am the beneficiary.

 

Um.....you don't need ANY of that AND the account said they won't even talk to me or tell me I am the beneficiary UNTIL I get the medallion signature and you are telling me I can't get the medallion signature until you have proof I am the beneficiary.   

We are at a stand still.

I cancelled the appointment and don't know what to do now.

To prove you are the beneficiary wouldn’t you need to show proof of identity (like a birth certificate), and a certified copy of his will?

I’m sorry they have you running in circles. 

[*LC]

On 3/16/2023 at 4:53 PM, DawnM said:

On 3/16/2023 at 1:07 PM, SKL said:

It's not really a choice though.  If you're the executor of the will / probate, you may be acting not just on your own behalf, but on behalf of any other potential beneficiaries.  You also have to file state and federal estate taxes, so you have to go through a bunch of work even if you have no interest in taking possession of the assets.  Beyond that, if you die without finishing this business, it's left to your survivors to sort it out.

When my grandma died, half of her children didn't want to inherit property because their siblings were more in need.  It's not that simple though.  You can't just say "thanks but no thanks."  There's a whole cumbersome process to go through, and you might end up paying an attorney to not inherit.

 

On 3/16/2023 at 4:53 PM, DawnM said:

You are correct.

Thankfully I am an only child.   

When DH's mom dies I think it will be a problem.   His mother has favorites and so I am not sure she will leave things very equitable.   And his sister loves to brag about how she is the favorite (she is) and has the biggest house, the fanciest car, more of her mom's money/time/etc....   It will be great....🙄

States differ on probate rules. The state where my only-child/only heir of an elderly relative lived does not require probate to be completed. They also know a widow in that state who filed will/ did basic probate paperwork, but never completed it, because all the accounts/property were in both names and the bank fees/ court fees/attorney fees to complete everything didn’t make sense. 
 

Both of these deaths happened nearly a decade ago and it worked fine in their states. Both thought they would compete probate untiil they found themselves in complicated situations as the only heirs with complete access to all accounts and property (for the widow.)

 

[Arcadia]

2 hours ago, Grace Hopper said:

To prove you are the beneficiary wouldn’t you need to show proof of identity (like a birth certificate), and a certified copy of his will?

When we pass, our kids would need to show our death certificate, their birth certificate or passport to our banks as they are listed as beneficiaries on our accounts

For my dad, when he pass, I would need the death certificate, certified copy of his will and my birth certificate/passport to show the banks as no one is listed as beneficiary on his accounts.

[sheryl]

On 3/15/2023 at 6:49 PM, DawnM said:

One account needs a notary.

Another account needs a medallion signature (ugh, that will be a pain in the butt)

Another one needs something else.

I don't have time to do all this and work and take care of things I need to do.

A flippin' medallion signature????    They said they won't even talk to me about who is the beneficiary until I get one and send them an original of the death certificate.   Um, it's me, I am the beneficiary.

And there are others I haven't even called yet.   I am too overwhelmed.

Maybe I can take care of all of this during Spring Break.

Dh can help you!  He got several 10 years ago or so.   

[Arcadia]

5 hours ago, DawnM said:

 

4. They need to see proof that I am the beneficiary.

Certified copy of the will? 

[Corbster98]

On 3/16/2023 at 7:39 AM, DawnM said:

Thank you, yes.

And one of his accounts I finally told to BACK OFF, I will get to it when I get to it.   They were hounding me.

The truth is, I have had to take some time to process his death, process that I am not "taking his money in place of him" (I know, sounds dumb, but my brain went there), and start working on this.

A friend told me today that it "takes a year to die" meaning that all the things that need to be done can take a year.   Getting off mailing lists, closing all credit cards, accounts, etc....and I think she is right.

Being executor can be overwhelming and a ton of work. When Mom died she had a will (drawn up by a lawyer nonetheless) and the courts deemed it not valid. So I had to start as if she didn’t have a will. Her estate became so much stress and complicated. And yes, medallion stamps were a big part of that along with notaries and same from my siblings on some accounts. It takes time but just keep records of everything and take your time. One day at a time and as things arise that complicate matters, just remember as you make progress and complete items, the end gets closer by the day. 

it took me more than 18 months to get my mothers all settled. I am sorry for your loss. 

[DawnM]

13 hours ago, SKL said:

How do you know you're the beneficiary? 

We went through each account while he was alive and called each place to verbally be told I was the beneficiary.   We did that because there was one that had no beneficiary and we wanted to be sure.

But nothing in writing.

13 hours ago, SKL said:

 

If you have anything other than something your dad said orally, maybe that would be sufficient as "proof" for B of A.  Or if you have a copy of his will, the line leaving xyz to you.  Or if your dad used a lawyer, maybe they'd be willing to send you something real quick without charging more than a couple bucks.  Or if he died intestate, what about your birth certificate or other official document proving you're his daughter (along with your mom's death certificate perhaps)?

We could not find his Will before he died.    It basically says all accounts will be turned over to me.   When he died he had already liquidated his house and possessions.   He only had investment and bank accounts left.

He can't remember who the attorney was.   Sigh.   His dementia wasn't horrible when he moved here, but it was enough to have him forget things like this.

13 hours ago, SKL said:

I'm not familiar with these medallion things.  Is is just something saying your signature is your real signature?  If so, why would they need to know what you're going to use it for?  Sorry I'm ignorant.

I don't really know.   

[DawnM]

6 hours ago, Corbster98 said:

Being executor can be overwhelming and a ton of work. When Mom died she had a will (drawn up by a lawyer nonetheless) and the courts deemed it not valid. So I had to start as if she didn’t have a will. Her estate became so much stress and complicated. And yes, medallion stamps were a big part of that along with notaries and same from my siblings on some accounts. It takes time but just keep records of everything and take your time. One day at a time and as things arise that complicate matters, just remember as you make progress and complete items, the end gets closer by the day. 

it took me more than 18 months to get my mothers all settled. I am sorry for your loss. 

UGH.   That is what I was afraid of (taking a long time to deal with everything).   At least he had no home to deal with.   

I can't believe they deemed it invalid.   That is crazy.

I have just decided to deal with most of it during Spring Break and then whatever is left, I will deal with this summer when I have time.

In the meantime I am going to Disney World and running away from it all (seriously, leaving next weekend, I need to run away!)

[Kassia]

I'm so glad you have a trip planned to look forward to!  🙂  

[DawnM]

9 hours ago, Arcadia said:

Certified copy of the will? 

I think Dad lost the Will when he moved from AZ to NC.   And he doesn't remember the name of the attorney.   His dementia wasn't bad when he moved here but it was enough to not remember things like this.

[DawnM]

9 hours ago, sheryl said:

Dh can help you!  He got several 10 years ago or so.   

He can help me with what?   

[Pawz4me]

Do you have an account with any other bank or credit union besides B of A? If so I'd give that institution a try for the medallion signature. I've only done it a couple of times over the years, but I don't recall any questions other than wanting to see my ID. Or call back whatever account you're working on and tell them B of A wants some sort of proof that you're the beneficiary. I'd think they'd be able to provide something. I don't think a copy of the will would help. A beneficiary wouldn't necessarily be named in a will, since accounts with beneficiaries pass outside of probate.

Edited March 19, 2023 by Pawz4me

[DawnM]

1 hour ago, Pawz4me said:

Do you have an account with any other bank or credit union besides B of A? If so I'd give that institution a try for the medallion signature. I've only done it a couple of times over the years, but I don't recall any questions other than wanting to see my ID. Or call back whatever account you're working on and tell them B of A wants some sort of proof that you're the beneficiary. I'd think they'd be able to provide something. I don't think a copy of the will would help. A beneficiary wouldn't necessarily be named in a will, since accounts with beneficiaries pass outside of probate.

Yes, I have a credit union account.   

[Arcadia]

4 hours ago, DawnM said:

I think Dad lost the Will when he moved from AZ to NC.   And he doesn't remember the name of the attorney.   His dementia wasn't bad when he moved here but it was enough to not remember things like this.

I’m so sorry. That does make things more difficult. 
Enjoy your vacation. 

[Shelydon]

It took us 3 years to wrap up everything on an estate that had a will and trust. 

[Arcadia]

12 minutes ago, Shelydon said:

It took us 3 years to wrap up everything on an estate that had a will and trust. 

Is it because the process takes a long time or because there is lots of red tape?  

[Pawz4me]

It took almost two years to settle my mother's estate. The holdup was due to a local hospital that filed a claim against the estate and then nitpicked with stupid appeals to Medicare and her supplemental insurance carrier over piddly charges, some as little as $2. It took forever for them to decide they'd gotten all they were going to get and release the claim. Aside from that--she had all her ducks in a row and probate was relatively simple and could have been done quickly.

[DawnM]

20 hours ago, lauraw4321 said:

If there’s no name beneficiary (which is common for regular bank accounts) you might need to go through probate. I know you would in my state. 

I actually have gotten the money from the bank account.   I got it this week.   I was the beneficiary.   That one was easy because I already had a POA on file so I could pay bills for my dad.

[Laura Corin]

10 minutes ago, DawnM said:

I actually have gotten the money from the bank account.   I got it this week.   I was the beneficiary.   That one was easy because I already had a POA on file so I could pay bills for my dad.

Some of Mum's banks that had my POA registered nonetheless required me to re-prove my identity to close out the accounts. Because the POA lapsed on her death. I couldn't get them to shift or so see the illogic of their position. 

[DawnM]

7 minutes ago, Laura Corin said:

Some of Mum's banks that had my POA registered nonetheless required me to re-prove my identity to close out the accounts. Because the POA lapsed on her death. I couldn't get them to shift or so see the illogic of their position. 

UGH

[lauraw4321]

1 hour ago, DawnM said:

I actually have gotten the money from the bank account.   I got it this week.   I was the beneficiary.   That one was easy because I already had a POA on file so I could pay bills for my dad.

POA ceased being effective upon death, but you must have been named as a beneficiary. 

[TexasProud]

For me dealing with my dad's death ( parents were divorced) what made it a lot easier is that he put my name a joint owner on all of his bank accounts. My uncle was the executor of the estate, but we changed that.  He was in California and had no idea about anything. I was in my 40's at the time and my sister agreed with it all.  My lawyer was so helpful and it was easily changed.  It still took about a year to get all of the life insurance, IRA's and such dispersed.  However, we still had some surprises and several years later people tracked us down for investment accounts/ 501 K/IRA that I guess my dad had completely forgotten about.  My mom was listed as the beneficiary for one of them! ( Despite the fact that they divorced in the 80's, then he remarried and divorced again.)  I sent my mom all of the information.  I have no idea what she did with it and I won't pursue.  I figure she put up with enough crap, so I hope she got the money.  I doubt it was all that much. 

But yeah, my dad wasn't very complicated at all. He had a lockbox where he kept his will and all papers.  He didn't own a house.  I had helped move him to the rent house and went through a bunch of his stuff at that time.  So my sister and I took what we wanted, held a garage sale, then took what was left to Goodwill. Pretty easy.  And yet, the financial stuff still too about a year for me to get everything done.  

I got 20 or so copies of his death certificate when I arranged his funeral.  If you have not done that, you need to get those certified copies.  I just recently found out that dad has a couple of unclaimed money things from utilities and such.... only like 50  or 75 dollars each.  But I have to send it the death certificate to get them.  I used a ton of the ones I got.