When drafting your estate plans it's not only about accounting for the assets that you possess, but also knowing the terms that might be applied when those assets are held by third parties. Especially something like cash assets that are being held in a bank account that may be subject to the policies of that institution.
For example, when some surviving family members of a man who passed away recently tried to close his checking account they were shocked to learn that the account was re-opened without their knowledge. How can that happen? Well, it turns out that the account, held by Bank of America, was subject to a policy they have that actually keeps or reopens checking accounts if there are existing transactions like automatic bill pays or deposits. And in this case, there were still automatic withdrawals occurring which triggered the reopening of the account.
This really highlights the importance of knowing the particulars of all your accounts. Not knowing the fine details of your banking institutions policies can undoubtedly end up leading to complications that will leave your executor with a much tougher job to do.
Make sure you provide as much information on the terms and conditions of your accounts when you meet with your professional estate litigation Attorney.
*This blog entry was not written by an Attorney and should not be constituted as professional legal advice.