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If your the executor of a will and you find the bank account has Pay upon death on it and it is not the executor who pays taxes on that?
Wiki User
∙ 14y ago
I have been the executor of my mothers money, I pay her nursing home bills with it, she just died and i have 200,000 dollars left, do I have to pay tax on that money.
Wiki User
∙ 14y ago
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Who has to PAy taxes UPON Death bank account?
When someone dies, their estate is responsible for paying any taxes owed on the assets they leave behind, including their bank accounts. The executor of the estate is typically responsible for ensuring that any taxes are paid from the deceased person's assets before they are distributed to heirs.
How are payable on death bank accounts handled after the account owner's death and is the executor involved in the settlement?
A payable on death account bypasses probate and is paid over directly to the beneficiary by the bank. They do not come under the control of the executor.A payable on death account bypasses probate and is paid over directly to the beneficiary by the bank. They do not come under the control of the executor.A payable on death account bypasses probate and is paid over directly to the beneficiary by the bank. They do not come under the control of the executor.A payable on death account bypasses probate and is paid over directly to the beneficiary by the bank. They do not come under the control of the executor.
How does an executor withdraw the balance of a bank account?
When the Will is allowed and the Executor is appointed by the court "Letters Testamentary" are issued to the Executor. Those Letters set forth the legal authority of the Executor and a copy should be presented at the bank to make the withdrawal and close the account.
Can i take a death certificate to a bank and retrieve money from the deceases' account?
No. You need proof that you are the executor of the estate.
Who can withdraw monies from a bank account if someone has been made executor?
Anyone whose name is on the bank account can access it. The executor can access on behalf of the estate. They will have to show their letter of authority.
How do you close out deceased cousin bank account when there is a will?
The executor of the estate has a Letter of Authority that will allow them to close the account.
If I am a beneficiary of a POD bank account. Can the executor of the estate make me return the funds to estate?
No. The funds belong to you. Payable on Death accounts are not a probate asset. The funds will be paid directly to you by the bank. To collect the funds, you need to obtain a copy of the death certificate and take it to the bank. You must show whatever identification the bank requires. You should obtain an official statement from the bank stating the balance that was paid over to you. You should keep that statement in your important records and provide the executor with a copy. Although the account is not part of the probate assets the balance must be added to the assets of the estate for tax purposes. Therefore, all the executor needs is an official statement from the bank that shows the balance of the account that was paid over to you.
How does executor of a will access a checking account?
First they need a letter of authority from the court. They present that to the bank and will be able to access the account.
How do you make a claim to a NY bank for an account found in the name of a deceased person. There was an executor of the will.?
The account would have become part of the estate. The executor was issued "Letters Testamentary" when they were appointed by the court. Those letters authorize the executor to withdraw the funds and close the account. Contact the bank to find the department that will assist you in closing the account. It will require certified copies of the letters from the court. The proceeds from the bank account should de distributed according to the provisions in the will.
If an executor finds that money was removed from the deceased bank account after death by a relative can you request return of money to pay outstanding debts?
Unless it was a joint account, the executor can do so. If it was a joint account, or one with rights of survivorship, there may not be an option. Consult an attorney in your jurisdiction to find out the specific laws that apply in your state or country.
How do you open estate account after death?
The executor or administrator must be appointed by the probate court. He/she will be issued Letters Testamentary or Letters of Administration then applies to the IRS using Form SS-4 to get a tax identification number for the estate. (The decedent's social security number cannot be used.) Then he/she goes to the bank and gives it one of the probate court documents that show that he/she is the executor, the tax I.D. number and a death certificate and the bank will create an estate account.
What court document is needed to get money out of a bank account after death and where do you get it?
It is a Letter of Authority. It is issued by the probate court to the executor of the estate. Opening an estate is done by filing the appropriate forms with the court.
