Pay on Death bank account Trustee cannot be found

[Strangefruit]

Pay on Death bank account trustee cannot be found

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.

Administration was granted to a US lawyer who was dealing with the initial estate years ago. I received the assets from this estate via probate law. The bank account was missed at this time and the estate has been closed since 2009. I only found out about this bank account recently. Even if I apply to the court to be the executor how will I be able to gain access to funds when the account is clearly deemed to be a POD account named to another person, even if this person is not known cannot be traced and has never sought to make a claim to the funds held ?

 

[Zigner]

Ok, let's be clear. The funds are in the hands of the state in the name of the POD beneficiary. YOU have no way to get that money as it is not yours. It belongs to the POD beneficiary or his/her heirs and THEY will have to claim it from the state.

 

[Strangefruit]

Pay on Death bank account trustee cannot be found

Ok, let's be clear. The funds are in the hands of the state in the name of the POD beneficiary. YOU have no way to get that money as it is not yours. It belongs to the POD beneficiary or his/her heirs and THEY will have to claim it from the state.

Lets be very clear as you like to deal in absolutes and assumption.

If the POD B passed away before the primary account holder then its a different story, so please STOP......You have not read between the lines of the messages I previously sent to you advising that your input was no-longer required. Thank you again for your input but you not an expert and certainly not clairvoyant!

 

[Zigner]

Lets be very clear as you like to deal in absolutes and assumption.

If the POD B passed away before the primary account holder then its a different story, so please STOP......You have not read between the lines of the messages I previously sent to you advising that your input was no-longer required. Thank you again for your input but you not an expert and certainly not clairvoyant!

The funds have already escheated to the state IN THE NAME OF THE POD BENEFICIARY (at least, that's what YOU said)

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.

In any case, even if your theory was right (it's not), then the administrator of the estate for your relative would be the one to handle this. I'm sorry you don't understand.


I'll wait for your apology, but I doubt it's coming any time soon

 

[Proserpina]

Ahh, British humor...always refreshing.

In any case, what I said is correct. Of course, I'm sure you'll be adjusting the facts, as needed.

*cough*

"humour"

*cough*



I'd like to reassure you though, Zig, that we're not all like that

 

[Dandy Don]

The account was technically NOT missed, because it didn't belong in the estate in the first place since it had a designated beneficiary.

Now after some time has passed and the POD beneficiary has not been found (the administrator could not have known that this would happen), the correct thing to do is for you to notify the administrator so that he can submit the appropriate documentation to the Florida Unclaimed Property Department so that they can issue a check to whoever is determined to be the valid heirs.

The administrator is now going to have to do due diligence to determine if the POD beneficiary is alive or dead, and whether the POD beneficiary has heirs that this money might go to.

Since you live outside of the country, you as a non-citizen would not be allowed to reopen probate. There is no need for further probate proceedings since the funds are now in the control of Florida Unclaimed Property Department and after their review THEY will determine who the check goes to.

 

[Zigner]

I'm curious how much money the OP believes is held in this account.

 

[justalayman]

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.

The beneficiary of the pod account . Not the beneficiary of the estate. If the account remained the property of the original account holder due to the lapsing of the beneficiary of the pod account the adminsitrator for the estate must apply for the money after which is must be paid out as required by probate. For all anybody here knows the estate owed more in debts than the amount in the account so it would all be consumed by paying old debts.

Of course to claw back the funds into the estate you would have to prove the beneficiary died before the account holder. Since you cannot find him/her, the money will belong to the heirs of the named beneficiary.

 

[LdiJ]

The beneficiary of the pod account . Not the beneficiary of the estate. If the account remained the property of the original account holder due to the lapsing of the beneficiary of the pod account the adminsitrator for the estate must apply for the money after which is must be paid out as required by probate. For all anybody here knows the estate owed more in debts than the amount in the account so it would all be consumed by paying old debts.

Of course to claw back the funds into the estate you would have to prove the beneficiary died before the account holder. Since you cannot find him/her, the money will belong to the heirs of the named beneficiary.

If the named beneficiary cannot be found, the named beneficiary would have no heirs. Any potential heirs of the named beneficiary (of which there would be none until the named beneficiary was fully identified) would have to prove the named beneficiary dead in order to be heirs, and proved the named beneficiary dead AFTER the grantor, in order to inherit the account.

 

[justalayman]

If the named beneficiary cannot be found, the named beneficiary would have no heirs. Any potential heirs of the named beneficiary (of which there would be none until the named beneficiary was fully identified) would have to prove the named beneficiary dead in order to be heirs, and proved the named beneficiary dead AFTER the grantor, in order to inherit the account.

in common parlance an heir can be named whether the predecessor is deceased or not. My wife is generally considered to be my heir yet i am alive, I think. I suppose if one wants to be very technical they would be heirs apparent.

Using my definition, any person with a living relative has an heir. Denying they have heirs is like saying the sun doesn't shine because you can't see it at night. Whether the beneficiary has heirs or not is not based upon being able to identify the beneficiary.

 

[Zigner]

I'd like to point out that the beneficiary IS identified on the bank records. The OP and the bank (apparently) just don't know how to find this person, which is much different than the beneficiary being unidentified.

 

[LdiJ]

I'd like to point out that the beneficiary IS identified on the bank records. The OP and the bank (apparently) just don't know how to find this person, which is much different than the beneficiary being unidentified.

From what the OP said the beneficiary had a common name, which is why I felt that there was still some question as to identity. If there is not, then that point won't matter.

 

[LdiJ]

in common parlance an heir can be named whether the predecessor is deceased or not. My wife is generally considered to be my heir yet i am alive, I think. I suppose if one wants to be very technical they would be heirs apparent.

Using my definition, any person with a living relative has an heir. Denying they have heirs is like saying the sun doesn't shine because you can't see it at night. Whether the beneficiary has heirs or not is not based upon being able to identify the beneficiary.

You said:

Since you cannot find him/her, the money will belong to the heirs of the named beneficiary

Whether a living person has an heir or not, the heir doesn't get anything while the person is alive. Just because they cannot find the named beneficiary does not mean that the named beneficiary is deceased...and, if they could find heirs of the beneficiary, then they probably could find the actual beneficiary or would know whether or not he she was deceased and when.

 

[Strangefruit]

Pay on Death bank account trustee cannot be found

It is very clear that more effort on my part will be required to obtain additional personal details to help trace the POD beneficiary to establish if alive and if not, when they passed away. I have exhausted the knowledge of family and friends to gain further POD beneficiary details. I may know me forced to use a Florida based solicitor (attorney) to help progress this case ....any suggestions welcome please?

i Would like to thank you all for your time and in the most part providing me with valuable comments, most appreciated!

 

[Zigner]

It is very clear that more effort on my part will be required to obtain additional personal details to help trace the POD beneficiary to establish if alive and if not, when they passed away. I have exhausted the knowledge of family and friends to gain further POD beneficiary details. I may know me forced to use a Florida based solicitor (attorney) to help progress this case ....any suggestions welcome please?

i Would like to thank you all for your time and in the most part providing me with valuable comments, most appreciated!

How much money are we talking about?