mother passed - bank question

[bobbyr]

Bank question

I am POA and executor of estate. I am also on my mother's bank account as a co-account holder (I think that is accurate).
My mom died 10 days ago and I would like to clear out her lock box (I have the key). My concern is that I don't want to advise the bank she has passed away if it in any way locks me out of the lock box or her account. We live in Tennessee. I don't think it would, but wanted to know before I schedule a visit to her lock box.

Because of the holidays, we won't be able to begin the estate application process until after Jan 1 FWIW. So I am a ways from having an estate account to move the money to.

Any advice is appreciated.

 

[Lewis Clark]

So sorry for the loss of your mother.

Some banks will lock all access to your mother's assets once her death is reported to the bank.

Even if you don't tell the bank yourself, the bank will get informed of her death by the Social Security Administration. Deaths are public records, and the SSA will send a report to all financial institutions of deaths. Don't know how often this report is sent.

I learned this the hard way last year, when the SSA erroneously reported that I had died and it took about five months to fully restore myself to life.

I'd recommend emptying the safe deposit box at the bank immediately, if not sooner. It will likely be a hassle to access the box later, but no big deal if it is empty.

 

[MichaelB]

Condolences on your loss, bobbyr.

If you are a joint owner of the account you still should have access. It would be a good idea to confirm if it is a joint account. Does the statement or registration detail show you both as joint holders?

 

[PaunchyPirate]

You should notify the bank and work within their process. If you are a co-holder of the account, that should be enough for you to continue to have access to it.

The lockbox could be subject to state laws. Her in Pennsylvania, the lockbox is to be off limits until the bank can inventory its contents. This can be done with a representative from the family being present. Here in PA we have an inheritance tax, so the state wants to ensure that there isn't any taxable contents in the box. Lewis Clark is correct that the Social Security Admin will be notifying financial institutions of your mother's passing at some time in the near future. You might as well notify them also.

Is the lock box in both your names or just hers? In PA, I have to show my ID every time I want in my box. Someone else with a key would not be granted access. But perhaps it is done differently in TN.

 

[Car-Guy]

Why say anything if you are a joint holder and have access?

 

[Spock]

You need to be on the safe deposit box access/signature list to access it. Possession of the key does not grant access. If you're authorized, it's shared and not "just hers" and you can access it without having to tell the bank why and empty it. If you're not authorized you'll have the long process of probate to get at it... which gets more complicated if the will to be probated is in the box.

 

[MarieIG]

The laws may have become less strict since my DM was ill.

My father and I went down to clear out her box while she was in the hospital. We were both crying, and the staff asked if she had passed before they gave us the key. We said no, she was ill, and they said "ok" and handed us the key. Years back, they used to be strict about wanting an inventory and having a bank employee present if someone had passed.

I gave son instructions, if I'm on life support, go down and empty the boxes before taking me off.

I wouldn't advise you to make an announcement that your DM is still alive - but if no one asks ...

The laws for this may vary by State.

 

[street]

I would believe if you were on the accounts and have documentation of POA you should be able to access box and accounts.
I also would be up front with them and tell them that your mother has passed away. Those accounts and box holding are of importance to you POA so I would need to take care of that business.

I didn't have any problem with the same scenario as you when my mother passed away.

 

[PaunchyPirate]

You need to be on the safe deposit box access/signature list to access it. Possession of the key does not grant access. If you're authorized, it's shared and not "just hers" and you can access it without having to tell the bank why and empty it. If you're not authorized you'll have the long process of probate to get at it... which gets more complicated if the will to be probated is in the box.

This is too general of a statement unless you are specifically referring to laws you know to exist in TN (the OP's state). Laws vary by state, as I said above.

I just looked at the PA rules. A joint bank account (where one of the owners is not the spouse) is subject to inheritance taxes on 50% of the balance at death. But the account is not locked down.

A lock box is locked down even if jointly owned (again, if the other owner isn't a spouse) until the bank does an inventory. The box may be opened (in the presence of a bank official) to remove a will or cemetery deed. There are state forms that must be filled out to track all of this.

However, the rules in Tennessee may be less restrictive and allow full access.

 

[PaunchyPirate]

I would believe if you were on the accounts and have documentation of POA you should be able to access box and accounts.
I also would be up front with them and tell them that your mother has passed away. Those accounts and box holding are of importance to you POA so I would need to take care of that business.

I didn't have any problem with the same scenario as you when my mother passed away.

Power of Attorney ends upon death.

 

[street]

Power of Attorney ends upon death.

True!!! I must have been lucky with the ending process. I did have death certificates and such when dealing with getting access. I was also on the accounts of all financial accounts she had. Didn't amount to very much.

Come to thinking about that being so many years ago. I believe my name was on the ownership to open that safe deposit box. I do know it happened after her death but didn't have any issues.

 

[bobbyr]

You need to be on the safe deposit box access/signature list to access it. Possession of the key does not grant access. If you're authorized, it's shared and not "just hers" and you can access it without having to tell the bank why and empty it. If you're not authorized you'll have the long process of probate to get at it... which gets more complicated if the will to be probated is in the box.

I am on that list, because we checked it last year (looking for car titles). My mother was pretty much home bound. So that makes me think we are good.

 

[bobbyr]

Power of Attorney ends upon death.

Yep, Tennessee law on my question says you have to have will with proof of executorship. *which i have

 

[The Cosmic Avenger]

I'm sorry for your loss, bobbyr. A lot of good points about state laws, banks getting death notices from SSA, and whether the box itself is jointly held or only in your mother's name or both of yours. But I will say that, as sole named heir and survivor (no other children, no spouse), I logged onto some of my dad's accounts and made some small transfers and account changes to make things easier for myself, since I knew the rest was all passing TOD/POD to me anyway, and while I probably technically could have gotten into trouble for it, I decided to risk it. (He had given me access when he was alive, and he would have wanted me to do those things, he could have told me when he was alive to do that after he passed, it was exactly the kind of thing he would have done.)

 

[O2Bfree]

You need to be on the safe deposit box access/signature list to access it. Possession of the key does not grant access. If you're authorized, it's shared and not "just hers" and you can access it without having to tell the bank why and empty it. If you're not authorized you'll have the long process of probate to get at it... which gets more complicated if the will to be probated is in the box.

My bank is like this too. DH and I wanted my niece to have access to our safe deposit box. We had to take her in to the bank and fill out a bunch of paperwork to get her on the access list. Would not have mattered if her name was on our other accounts.

 

[bobbyr]

I was able to get the contents today - no issues (I was mostly concerned about being asked how my mother was doing - I am not a good liar).

Thanks to all for condolences and great feedback.

 

[CRLLS]

When DW's mother passed, one of the first steps DW took was to go to the safe deposit box and clear it out. She was on the signature card, not as a joint owner. In it were the Will and Trust papers, along with the contract for her prepaid Funeral Services.

FWII, even if the bank knows about the death, one can get access to the box to find a will. That is done in the presence of a bank person. I'm not sure if you can remove it or just make a copy of it.

 

[audreyh1]

As things went downhill with DF I emptied his safe deposit box which I had access to. Took the original will to his attorney for safekeeping, and carried the remainder of the contents with me. I had already checked on the rights of survivorship for his checking account which had DB and myself on the account. There was no change then on the checking until we retitled it much later.

Later used the same bank to set up a separate estate account and turned in the safe deposit box keys.

 

[brett]

I emptied my fathers safe deposit box shortly after he passed away. I did it BEFORE I notified the bank or provided them with a death certificate.

I was on on list of those with access to the box.

Once I gave the bank the death certificate access to the bank safe deposit box was denied. I had to provide the probate docs, the will. THe bank wanted both my sister and me to be present when the box was opened.

Naturally there was nothing of importance in the box because I had previously retrieved what I needed.

We, my sister, also emptied his savings accounts before we presented the death certificate. Joint account.

 

[pacergal]

My condolences to you on the death of your Mom.

 

[bobbyr]

I emptied my fathers safe deposit box shortly after he passed away. I did it BEFORE I notified the bank or provided them with a death certificate.

I was on on list of those with access to the box.

Once I gave the bank the death certificate access to the bank safe deposit box was denied. I had to provide the probate docs, the will. THe bank wanted both my sister and me to be present when the box was opened.

Naturally there was nothing of importance in the box because I had previously retrieved what I needed.

We, my sister, also emptied his savings accounts before we presented the death certificate. Joint account.

a lot of good stuff here...thank you

Her attorney said I was ok since I am on the bank account and been writing her checks for several years...but I need to make sure. I did get the death certificates today.

The attorney said no need to provide them death certificate for now, since I am a joint owner.

 

[bobbyr]

Why say anything if you are a joint holder and have access?

they know her, she was popular up there...fortunately, I brought up the upcoming snow storm with the lady that helped me and I didn't quit talking about it until she walked away after letting me in.

 

[bobbyr]

Condolences on your loss, bobbyr.

If you are a joint owner of the account you still should have access. It would be a good idea to confirm if it is a joint account. Does the statement or registration detail show you both as joint holders?

I am joint owner, my name is under hers on statement, so I think I am good. Lawyer confirmed.

 

[Sunset]

I emptied my fathers safe deposit box shortly after he passed away. I did it BEFORE I notified the bank or provided them with a death certificate.

I was on on list of those with access to the box.

Once I gave the bank the death certificate access to the bank safe deposit box was denied. I had to provide the probate docs, the will. THe bank wanted both my sister and me to be present when the box was opened.

Naturally there was nothing of importance in the box because I had previously retrieved what I needed.

We, my sister, also emptied his savings accounts before we presented the death certificate. Joint account.

++++

Do it BEFORE notifying them, as some banks lock it up.

I had POA for my mom and was executor, so after she passed, I went to the bank and opened her safety deposit box. I think I used the POA to satisfy the employee.

I emptied it of the papers and stuff. My mom had warned me of this issue.

A few weeks later I brought them the death certificates and emptied the bank account. They locked up the safety deposit box and said I couldn't access it until after probate. Imagine if her will was in there
I told them I don't care it's empty and here are the keys..

 

[rk911]

Condolences on your loss, bobbyr.

If you are a joint owner of the account you still should have access. It would be a good idea to confirm if it is a joint account. Does the statement or registration detail show you both as joint holders?

every state is likely different. my BIL passed in CA in 2021. my wife, his sister, was named as successor trustee of his estate which included two safety deposit boxes at different banks. we had to submit the first and last pages of his trust, the death certificate and her ID but once we did we had complete access even though my wife's name was not on any of the accounts. the trust ruled. if there is any doubt in the OP's mind AND he is named on the safety deposit box card he should empty that box ASAP. but if he is named as successor trustee on his mom's trust there is no hurry or worries.