Pay on Death bank account Trustee cannot be found

[Strangefruit]

What is the name of your state (only U.S. law)? Florida

Hello, the name of the family member (trustee) detailed on the pay on death bank account cannot be traced and is not known by the immediate family and I cannot trace her. The bank will not disclose any personal details to me to assist my search nor are the department of Finance 'treasurehunt' Florida able to help.

Does anyone know what options are available to me please..... I only have the name of the trustee and nothing else. The trustee's name is a very common name in the US, so I am trying to avoid costly PI fees?

Additionally; If I cannot trace the trustee, what must I do to access the funds held by the department of Finance, who currently will not release the funds to me as I am not the named pay on death trustee?

Hope that you can help....I live in England and I am finding it difficult navigating through US law.
Thank you.

 

[AdjunctFL]

Are you sure there is a Trustee. Every POD account that I have had was titled "Me POD You." There was no Trustee. A difference would be an account set up as "ME ITF [In Trust For] You." In such a revocable Trust there would be a Trustee but the account can be changed at any time without the consent of "You.".

Which type account is it, and are you the owner or POD Person/Beneficiary?

 

[Strangefruit]

Pay on Death bank account trustee cannot be found

Are you sure there is a Trustee. Every POD account that I have had was titled "Me POD You." There was no Trustee. A difference would be an account set up as "ME ITF [In Trust For] You." In such a revocable Trust there would be a Trustee but the account can be changed at any time without the consent of "You.".

Which type account is it, and are you the owner or POD Person/Beneficiary?

Thank you for your reply.

It is a savings account (Bank of America).....I am a beneficiary of the estate, this bank account is the only estate item still unresolved. After engaging with the Florida Department of Finance (unclaimed accounts team), they confirmed that the savings account was a 'pay on death/In trust for' account and I did not have access to this account which is currently unclaimed and will remain with them until a valid claim is made by the named person.

 

[Zigner]

Thank you for your reply.

It is a savings account (Bank of America).....I am a beneficiary of the estate, this bank account is the only estate item still unresolved. After engaging with the Florida Department of Finance (unclaimed accounts team), they confirmed that the savings account was a 'pay on death/In trust for' account and I did not have access to this account which is currently unclaimed and will remain with them until a valid claim is made by the named person.

If the account had a POD designation, then it is not part of the estate. You would have no claim to it.

 

[Strangefruit]

Pay on Death bank account trustee cannot be found

If the account had a POD designation, then it is not part of the estate. You would have no claim to it.

Thank you for your reply......not entirely correct though. I have stated that the named person cannot be traced therefore if the named person passed away (unconfirmed) before the primary account holder then the funds fall back into the estate and can be claimed by the beneficiary. ....Me.

 

[AdjunctFL]

if the named person passed away (unconfirmed) before the primary account holder then the funds fall back into the estate and can be claimed by the beneficiary. ....Me.

Not quite correct - if the named person died the funds go directly to you, not through the Estate. You need to do a comprehensive search to determine if they died.

 

[Dandy Don]

How did you find out about the existence of this account?
Did Florida Department of Finance/Unclaimed Property notify you about it?
What year were the funds deposited with them?

 

[LdiJ]

Not quite correct - if the named person died the funds go directly to you, not through the Estate. You need to do a comprehensive search to determine if they died.

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.

Somebody has to know who the person in question was/is. OP, have you talked to your father's friends and relatives to try to determine who the person is?

 

[Strangefruit]

Pay on Death bank account trustee cannot be found

Not quite correct - if the named person died the funds go directly to you, not through the Estate. You need to do a comprehensive search to determine if they died.

Ok ...very good!

Armed with only a Christian and 'common' Surname, this US search would be potentially massive......obviously trying to avoid this, I maybe just delaying the inevitable nightmare search scenario.

The bank will not disclose any details of the POD to aid my search **************I was thinking, if reasonable steps have been made to locate the POD without success, can this be deemed sufficient to gain access to the funds in US law? This cannot be the first time when the POD cannot be located....I am guessing that since the primary account holder passed away years ago, that the POD either had lost touch with the primary account holder or the bank account had not been amended when the primary account holder was alive following the death of the POD? The passing away of the POD may have been unknown to account holder.

A lot of 'if's' I know but the funds warrant investigation.

 

[Zigner]

Ok ...very good!

Armed with only a Christian and 'common' Surname, this US search would be potentially massive......obviously trying to avoid this, I maybe just delaying the inevitable nightmare search scenario.

The bank will not disclose any details of the POD to aid my search **************I was thinking, if reasonable steps have been made to locate the POD without success, can this be deemed sufficient to gain access to the funds in US law? This cannot be the first time when the POD cannot be located....I am guessing that since the primary account holder passed away years ago, that the POD either had lost touch with the primary account holder or the bank account had not been amended when the primary account holder was alive following the death of the POD? The passing away of the POD may have been unknown to account holder.

A lot of 'if's' I know but the funds warrant investigation.

You're assuming that the beneficiary passed prior to the primary account holder. Since the primary account holder passed years ago (an important piece of information), it's entirely possible that the POD died after that (if s/he even died in the first place.) If the POD beneficiary survived the primary account holder, then the funds belong to the named beneficiary or his/her estate.

 

[Zigner]

Also, I'd like to point out that if you can't find this person (the named POD beneficiary), then the chances that you will get the funds are slim to none.

 

[Strangefruit]

Pay on Death bank account trustee cannot be found

How did you find out about the existence of this account?
Did Florida Department of Finance/Unclaimed Property notify you about it?
What year were the funds deposited with them?

The funds were deposited with the Florida Finance department in 2008. I contacted them this year after receiving a letter from a US probate firm. I decided not to use them and pursue the claim myself and not pay their high fees. I will submit a claim to the Finance department asap, however, I am seeking information relating to the named POD.

 

[Strangefruit]

Pay on Death bank account trustee cannot be found

Also, I'd like to point out that if you can't find this person (the named POD beneficiary), then the chances that you will get the funds are slim to none.

That remains to be seen ****************************..but thank you for your input.

 

[Strangefruit]

Pay on Death bank account trustee cannot be found

You're assuming that the beneficiary passed prior to the primary account holder. Since the primary account holder passed years ago (an important piece of information), it's entirely possible that the POD died after that (if s/he even died in the first place.) If the POD beneficiary survived the primary account holder, then the funds belong to the named beneficiary or his/her estate.

Yes I am already aware of this, therefore this was not the question I asked.

Thanks again for your input.

 

[Strangefruit]

Pay on Death bank account trustee cannot be found

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.

Somebody has to know who the person in question was/is. OP, have you talked to your father's friends and relatives to try to determine who the person is?

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.