When someone passes away one of the first steps is to list what assets are in the decedent’s name. Accounts that are in joint tenancy, have a pay on death designation, or have a beneficiary designation can be transferred with a death certificate. There may be assets remaining in the decedent’s sole name which cannot be readily transferred (call them the “problematic assets”). For instance, the decent dies leaving a bank account with a balance of $100,000. You go to the bank and try to get the funds released or transferred. The bank officer says that they want letters testamentary.
Alternatives to Probate: Saving Time and Money
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