Pay on Death bank account Trustee cannot be found

[Zigner]

Thank you. The bank must have further personal details relating to the POD beneficiary I will be engaging with them shortly, I may have to obtain legal representation to obtain this information, if held.

The POD beneficiary is entirely unknown to anyone in the family and the primary account holder passed away in 2008.

The bad news is that the bank is not the correct entity to be talking to. The funds likely escheated to the state many years ago.

 

[Zigner]

You only say that you are the beneficiary, so who is the administrator of the estate? (Colloquially known as the "executor")

 

[AdjunctFL]

I am going to disagree with that. Unless the OP was named as a successor POD beneficiary (trustee is actually the wrong word for that, the bank is basically the trustee) it was have to go to the estate and be distributed by the estate.

Based on my experience, I would disagree with that. I presented a death certificate to "Big Bank" and they wrote checks to the POD children. While it may or may not have needed to be included in the Estate, it never went through it.

(In this case there was no need to file a federal estate tax return, but the estate was probated. However, the bank had no way of knowing that, they just disbursed the funds.)

 

[Strangefruit]

Pay on Death bank account trustee cannot be found

You only say that you are the beneficiary, so who is the administrator of the estate? (Colloquially known as the "executor")

Would an executor have any more access to the funds than the named POD or any subsequent beneficiary of the estate?

 

[Zigner]

Based on my experience, I would disagree with that. I presented a death certificate to "Big Bank" and they wrote checks to the POD children. While it may or may not have needed to be included in the Estate, it never went through it.

(In this case there was no need to file a federal estate tax return, but the estate was probated. However, the bank had no way of knowing that, they just disbursed the funds.)

Folks are being a bit loose with the pronouns.

What (I believe) LdiJ was trying to say is that, if the POD died before the primary account holder, then the "gift" of the funds lapses so the account would once again be a part of the primary account holder's estate.

 

[Zigner]

Would an executor have any more access to the funds than the named POD or any subsequent beneficiary of the estate?

The administrator of the estate (on behalf of the estate) would be the only one with any standing to do anything about this, including communicating with the bank.

So, again...who is the administrator of the estate?

 

[Strangefruit]

The administrator of the estate (on behalf of the estate) would be the only one with any standing to do anything about this, including communicating with the bank.

So, again...who is the administrator of the estate?

Since the estate is now closed (info not previously relevant) an excutor/administarator is no-longer required.
To gain access to this unclaimed account the named POD beneficiary will be required to claim through the department of finance florida .....unless you know otherwise?

 

[Zigner]

Since the estate is now closed (info not previously relevant) an excutor/administarator is no-longer required.
To gain access to this unclaimed account the named POD beneficiary will be required to claim through the department of finance florida .....unless you know otherwise?

An administrator IS required to follow up on this. If the funds escheated to the state, then whatever name the funds escheated under is who will be able to claim it. So, if the funds escheated under the name of the POD, then you're just plain out of luck. If the funds escheated under the name of your deceased relative (I'm assuming it's your relative), then the estate would need to pursue this.

 

[Strangefruit]

Pay on Death bank account trustee cannot be found

An administrator IS required to follow up on this. If the funds escheated to the state, then whatever name the funds escheated under is who will be able to claim it. So, if the funds escheated under the name of the POD, then you're just plain out of luck. If the funds escheated under the name of your deceased relative (I'm assuming it's your relative), then the estate would need to pursue this.

Think that you have now become confused, please see earlier comments.

I've now received some very good advice privately messaged, thank you for your time.

 

[AdjunctFL]

An administrator IS required to follow up on this.

I'm not sure why you feel that way. The Florida Division of Unclaimed Property Reporting Manual indicates that for POD accounts:

"Upon the original owner’s death, the beneficiary must supply identification and a copy of the original owner’s death certificate."

No Administrator is needed. For a ME POD YOU, only YOU [the beneficiary] needs to make the claim.

 

[Dandy Don]

If the beneficiary is deceased, then it is the administrator of the beneficiary's estate who would have the standing to file a claim for the money.

 

[AdjunctFL]

If the beneficiary is deceased, then it is the administrator of the beneficiary's estate who would have the standing to file a claim for the money.

If there is an Administrator, then presumably the Administrator sent it to the State of Florida's Chief Financial Officer to treat as unclaimed property . If not, the Florida Division of Unclaimed Property disagrees with you and will give it to the POD beneficiary upon presentation of identification and a death certificate (as noted in the quote from their manual above.)

 

[LdiJ]

If the beneficiary is deceased, then it is the administrator of the beneficiary's estate who would have the standing to file a claim for the money.

Or the grantor's administrator if the beneficiary pre-deceased the grantor.

 

[Strangefruit]

Pay on Death bank account trustee cannot be found

If there is an Administrator, then presumably the Administrator sent it to the State of Florida's Chief Financial Officer to treat as unclaimed property . If not, the Florida Division of Unclaimed Property disagrees with you and will give it to the POD beneficiary upon presentation of identification and a death certificate (as noted in the quote from their manual above.)

You are quite right.. the matter is now with the Florida department of Finance for unclaimed property. The unclaimed property (bank account funds) will be issued upon receipt of identification by and to the POD beneficiary. The question remains **************.if the POD B cannot be located despite attempts, what happens to the funds, can they ever be claimed, and if so what needs to happen?

 

[Dandy Don]

In Florida, some funds do not automatically escheat to the state and are there indefinitely to be claimed, according to the unclaimed property website.

The administrator will need to present a certified copy of the letters testamentary (that were originally issued when probate file was opened) along with the claim for the funds to the unclaimed property department.