• FreeAdvice has a new Terms of Service and Privacy Policy, effective May 25, 2018.
    By continuing to use this site, you are consenting to our Terms of Service and use of cookies.

Am I right about this?

Accident - Bankruptcy - Criminal Law / DUI - Business - Consumer - Employment - Family - Immigration - Real Estate - Tax - Traffic - Wills   Please click a topic or scroll down for more.

IllinoisEddy

Junior Member
What is the name of your state (only U.S. law)? IL

Do i have this right?

When somebody dies, the bank gets wind of it through the county coroner who creates the death certificate? When the bank finds out it closes the safety deposit box? Then local government steps in and reads the will and keeps everybody from fighting each other over who gets what, acting as a referee?

Second, if a Totten Trust is set up with the bank, the money in that bank account bypasses the will and goes to whoever is named as beneficiary to that bank account?

Thanks,

Eddy
 


anteater

Senior Member
What is the name of your state (only U.S. law)? IL

Do i have this right?

When somebody dies, the bank gets wind of it through the county coroner who creates the death certificate? When the bank finds out it closes the safety deposit box? Then local government steps in and reads the will and keeps everybody from fighting each other over who gets what, acting as a referee?
Not in any jurisdiction that I know. The coroner doesn't care about banks. The bank is not searching for death certificates. And the local government could not care less if probate is opened or who is fighting whom (as long as physical violence is not involved).


Second, if a Totten Trust is set up with the bank, the money in that bank account bypasses the will and goes to whoever is named as beneficiary to that bank account?
Yes. A death certificate and identification should enable the beneficiary to obtain the money.
 

IllinoisEddy

Junior Member
Thanks for the reply Anteater.

How does it work then? When banks do seal the deposit box how do they decide to do so? I know they are often sealed after a death.

How does the estate go into probate? Who decides this?
 

anteater

Senior Member
How does it work then? When banks do seal the deposit box how do they decide to do so? I know they are often sealed after a death.
Illinois has a section of its code concerning safe deposit boxes. In fact, you can read about probate in general at this link:
Illinois General Assembly - Legislation

How does the estate go into probate? Who decides this?
Usually, whoever was nominated as executor by the will would petition the court to probate the will. But, it could be another party with an inteest in the estate, even the deceased's creditors.
 

Find the Right Lawyer for Your Legal Issue!

Fast, Free, and Confidential
data-ad-format="auto">
Top