What's needed to close shared account

[SUPERBOWLER]

What is the name of your state?
New York.

My aunt and mother share a checking account and a savings account. My aunt recently died. What do I have to do to close the accounts? I have POA for my mother. There was no will for my aunt. The total of the two accounts is under $800.

Thanks

 

[JETX]

Before answering, we would need to know the EXACT style that the names are on the account. Mainly, if it is JTROS??
Also, are the names 'name 1 or name 2' or 'name 1 and name 2'??

 

[SUPERBOWLER]

I believe the accounts are Name 1 or Name 2. I'm fairly sure the accounts are not JTROS.
How would I find out what EXACTLY the accounts are to be sure?

 

[I AM ALWAYS LIABLE]

My response:

Oh, I don't know . . . hmmm . . . let me see . . .

I know!

How about going to the bank, showing them your POA, and then emptying the accounts?

I don't understand why you need "hand-holding" in this matter.

IAAL

 

[SUPERBOWLER]

I really don't think it's that easy. I thought the bank may require more.

I guess you know it all though.

I will go to the bank and give it a shot. Somehow I don't think it is going to be that easy. Especially here in New York state.

I'll let ya know.

 

[I AM ALWAYS LIABLE]

I really don't think it's that easy. I thought the bank may require more.

I guess you know it all though.

I will go to the bank and give it a shot. Somehow I don't think it is going to be that easy. Especially here in New York state.

I'll let ya know.

My response:

Why would you think that?

What do you think a Power of Attorney is, and for? A POA gives you the legal ability to "stand in the shoes" of the person for whose benefit it was given; i.e., it would be the same as if your mother was actually in the bank and talking to the teller and manager herself, asking to empty/close the accounts.

This is not a difficult concept.

IAAL

 

[Dandy Don]

Upon the death of the aunt, the money automatically becomes the property of the mother. Perhaps it would be better for your mother to go to the bank to claim the money, although technically there is no reason why the bank should not issue the check to you. If bank gives you the phony excuse of wanting to hear only from the executor of the aunt's estate, please inform them that her estate is not large enough to be probated and anyway, everyone knows that by rights of survivorship (a business law concept) that this money is payable immediately to the joint account co-owner without there even being a need for probate.

If they still won't release it, then go to the courthouse to apply to become administrator of the aunt's estate, and you will soon receive papers called letters testamentary which you can present to the bank.

 

[SUPERBOWLER]

Problem resolved. I closed both accounts at lunch today.

Thanks to all that replied.

 

[hexeliebe]

I guess IAAL DID know it all

 

[I AM ALWAYS LIABLE]

I guess IAAL DID know it all

My response:

Hexy, you know as well as I do that New Yorkers and New Jerseans have to get their little digs in - - otherwise, they wouldn't be New Yorkers and New Jerseans - - and then, what would be the point of it all?

They're all a bunch of idiot jerks, they know it, the rest of the country knows it, and I have accepted that reality.

It's time for you too.

Quite frankly, I'm surprised that our writer even wrote back to tell us the outcome. It's a bit out of character for New Yorkers and New Jerseans to do so.

IAAL

 

[hexeliebe]

Oh well, another illusion shattered all to hell.

 

[HomeGuru]

I just hate it when that happens.

 

[hexeliebe]

Wow, I think we have a gremlin in the system.

I came back here to view your witty reparte HG and everyone was on my ignore list.

Not only that, but all the threads were gone.

Come on Mary, put the coffee down and take a 'chill pill'

 

[JETX]

Yep even my post showing ANOTHER of Dandy Don's erroroneous posts was missing. The one where he said, "Upon the death of the aunt, the money automatically becomes the property of the mother."

 

[hexeliebe]

I think Mary took a bite of my sandwich ....