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
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