Join Early Retirement Today
Reply
 
Thread Tools Display Modes
Bank of America & settling an estate
Old 06-19-2021, 12:25 AM   #1
Full time employment: Posting here.
Dd852's Avatar
 
Join Date: Jul 2013
Location: London/UK (dual US/UK citizen)
Posts: 502
Bank of America & settling an estate

Just wondering about any experiences you have had with BofA (or other banks) and settling estates. My mother died earlier this year, and six months later BofA still hasn’t released her bank accounts to the estate. Is this normal? I’ve got an attorney working on it, and he is pressing, but the clock seems to move very slowly.
Dd852 is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 06-19-2021, 04:11 AM   #2
Recycles dryer sheets
 
Join Date: Nov 2013
Location: Hartford
Posts: 358
I am the trustee of my brother's estate. He had accounts at Fidelity, Vanguard, American Century, and Bank of America.

All of these institutions have estate divisions. I sent all of them a copy of the will and trust documents. Got the money transferred within 1-2 weeks of sending the documents for all but American Century.

American Century required that I get a signed letter from the Court naming me as executor. That took more than 6 months due to the pandemic.

Did not use an attorney for anything except dealing with the Court.

If you are having trouble with Bank of America you might consider calling their estate division and explaining the situation. My experience is that they are very helpful.
ImThinkin2019 is offline   Reply With Quote
Old 06-19-2021, 05:45 AM   #3
Thinks s/he gets paid by the post
The Cosmic Avenger's Avatar
 
Join Date: May 2016
Location: Mid-Atlantic
Posts: 2,642
My mother had one small account at BoA. They were THE WORST, they insisted I sit down for a full-on sales pitch on why I should leave the money there, instead of just taking my paperwork like everyone else. They are too concerned with generating fees to bother with any kind of customer service, in my experience.
__________________
-Looking to FIRE in the mid-2020s, which would be our mid-50s.
The Cosmic Avenger is offline   Reply With Quote
Old 06-19-2021, 07:15 AM   #4
Thinks s/he gets paid by the post
 
Join Date: Aug 2007
Posts: 2,852
Who is executor?

I was executor for my mom’s estate and she had an account at BoA. I had no problems closing her account, getting a check for the balance, and depositing it into the estate account, which was a different bank (credit union). This happened quickly, within days/weeks (don’t remember exactly, it was over a decade ago).
__________________
Eat, Drink and Be Merry.
tulak is offline   Reply With Quote
Old 06-19-2021, 09:19 AM   #5
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
SecondCor521's Avatar
 
Join Date: Jun 2006
Location: Boise
Posts: 7,863
If I were paying an attorney and things were not going at the rate I thought reasonable, I think I would either complain to the attorney and expect them to fix things, or stop paying the attorney for that and take over the issue myself and talk directly with the BofA people.

Unless there are extenuating circumstances - like if your Mom's estate were really complicated, or there's some question as to the validity of her will, or there's a lawsuit or something - then I would really expect BofA to process the accounts in a couple of weeks or a month or two at most.
__________________
"At times the world can seem an unfriendly and sinister place, but believe us when we say there is much more good in it than bad. All you have to do is look hard enough, and what might seem to be a series of unfortunate events, may in fact be the first steps of a journey." Violet Baudelaire.
SecondCor521 is offline   Reply With Quote
Old 06-19-2021, 09:29 AM   #6
Thinks s/he gets paid by the post
Scrapr's Avatar
 
Join Date: May 2005
Location: Portland
Posts: 1,703
Quote:
Originally Posted by The Cosmic Avenger View Post
My mother had one small account at BoA. They were THE WORST, they insisted I sit down for a full-on sales pitch on why I should leave the money there, instead of just taking my paperwork like everyone else. They are too concerned with generating fees to bother with any kind of customer service, in my experience.
Same experience here. My SIL & brother were executors. They were wintering in Az & I was in Oregon. The branch would slow roll them & say they would talk to the estate division. (they wouldn't) Dad also opened a small checking account outside the Trust. We think BofA sold him this because he had Alzheimers & was easily confused. I tried to sign paperwork from Oregon while brother & SIL were in Az. . There was literally no way the branch could figure a way to do it. I ended up flying down so all three brothers could walk nto the branch
Scrapr is offline   Reply With Quote
Old 06-19-2021, 09:54 AM   #7
Thinks s/he gets paid by the post
 
Join Date: Aug 2007
Posts: 2,852
I don’t get the experiences here. As executor, you have full legal access to deal with all the accounts of the deceased. Things can get lost, delayed, etc, but if you present a certified death certificate and letters testamentary, it’s the same as closing a personal account.

As executor, I dealt with this in person and over the phone and never had any issues. I hope OP can get this resolved quickly, but as others have mentioned, if you’re paying for a lawyer to deal with this, I’d question what he’s doing.
__________________
Eat, Drink and Be Merry.
tulak is offline   Reply With Quote
Old 06-19-2021, 11:16 AM   #8
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Apr 2015
Posts: 5,775
My DB and DS were co executors for our dads estate. Not a bit of problem with B of A.
__________________
Give a Man a fish, he will eat for a day.
Teach a Man to fish, he will eat for a lifetime.
pacergal is offline   Reply With Quote
Old 06-19-2021, 06:59 PM   #9
Thinks s/he gets paid by the post
rk911's Avatar
 
Join Date: Dec 2018
Location: DuPage County IL
Posts: 2,697
Quote:
Originally Posted by Dd852 View Post
Just wondering about any experiences you have had with BofA (or other banks) and settling estates. My mother died earlier this year, and six months later BofA still hasn’t released her bank accounts to the estate. Is this normal? I’ve got an attorney working on it, and he is pressing, but the clock seems to move very slowly.
my wife and i are curently settling her late brother's affairs. she is first successor trustee, I am second and acting as lead contact. we've been focused on clearing out his townhouse prepatory to a sale but we have discovered he had accounts at four local banks. we visited each over the last 10-days.

Wells Fargo: two photo id's, original death certificate (returned to us), copy of the declaration and signature pages of his trust, IRS issued EIN for the now irrevocable trust. took about 3-hours in one visit but his accounts were turned over to my wife as an irrevocable trust with the new EIN.

Chase: two photo id's, original death certificate (returned to us), copy of the declaration and signature pages of his trust, IRS issued EIN for the now irrevocable trust. took several visits as the banker needed approval from "the boys in the back" but eventually his accounts were turned over to my wife as an irrevocable trust with the new EIN.

Local Credit Union: two photo id's, original death certificate (returned to us), copy of the declaration and signature pages of his trust, IRS issued EIN for the now irrevocable trust. got a bit of pushback here...the banker actually wanted to know what we wanted to do with the money. really? i think she was new as she was furiously typing our responses to her questions to "her support staff" at an undisclosed location. eventually, i was able to speak with the support staff on the pjone who offered my wife two options...cash out or convert to an irrevocable trust with the new EIN and my wife as sole trustee. she chose option 1 but it took a second visit to make that happen.

Citibank: two photo id's, original death certificate (returned to us), copy of the declaration and signature pages of his trust. had to complete a small estate affidavit (5-mins) as this account was not titled to his trust and no beneficiaries were listed. she had a check for the balance in less than 30-minutes. Citi was the easiest of the four. They couldn't close the account and give her the $ fast enough.

this is my fourth turn as a successor trustee or performing those duties for my wife. the local credit union was the most trouble i've ever had. well, when her other brother died in '03 PNC Bank had to send our *request* for a medallion signature needed by Vanguard to a committee. that took 3-days. we didn't wait. we went to Chase and had the MS in 5-minutes.

on to the brokerages...there are at least three.

her brother did not tell her anything about his affairs prior to his death. we've discovered what we know by reading his e-mail and US mail. the take-away for anyone who has not yet prepared a plan for end-of-life...it's not enough to have a plan. you need to let your successor trustees know about the plan. our successor trustees are aware of our trust and our "Emergency Book" which contains everything they need to know.
__________________
Rich
Ham Radio, Sport Pilot, RVer
FIRE: 8/11/2005, age 55y,1d
Dispatcher, then shift supv, then administrator for a regional 9-1-1 call center
rk911 is offline   Reply With Quote
Old 06-19-2021, 09:36 PM   #10
Full time employment: Posting here.
Dd852's Avatar
 
Join Date: Jul 2013
Location: London/UK (dual US/UK citizen)
Posts: 502
Thanks for the replies. The executor is the lawyer who prepared her trust and will - he is someone who has known the family for years and has a good reputation for elder law so I’d be astounded if he wasn’t doing it right. But it sounds like I need to have a closer talk with him about what’s going on.
Dd852 is offline   Reply With Quote
Old 06-19-2021, 10:12 PM   #11
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
SecondCor521's Avatar
 
Join Date: Jun 2006
Location: Boise
Posts: 7,863
Quote:
Originally Posted by Dd852 View Post
Thanks for the replies. The executor is the lawyer who prepared her trust and will - he is someone who has known the family for years and has a good reputation for elder law so I’d be astounded if he wasn’t doing it right. But it sounds like I need to have a closer talk with him about what’s going on.
My Dad had their estate attorney help him settle my Mom's estate. I distinctly remember a time or two where I wanted to turn the attorney in on ethics violations for neglecting his clients and not getting back to us. He's a decent guy and an adequate attorney, but attorneys can get busy and not get things done in a timely manner sometimes.
__________________
"At times the world can seem an unfriendly and sinister place, but believe us when we say there is much more good in it than bad. All you have to do is look hard enough, and what might seem to be a series of unfortunate events, may in fact be the first steps of a journey." Violet Baudelaire.
SecondCor521 is offline   Reply With Quote
Old 06-19-2021, 10:39 PM   #12
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Mar 2016
Posts: 8,968
Me thinks the executor is hanging on to the account until the estate is closed and he determines the fee which he will draw from the B of A account.
RobbieB is offline   Reply With Quote
Old 06-19-2021, 11:14 PM   #13
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Sunset's Avatar
 
Join Date: Jul 2014
Location: Spending the Kids Inheritance and living in Chicago
Posts: 16,973
Ally bank has been very good with POD/TOD account paying out. After a second phone call to say the 5 business days was up and wondering what was happening, they transferred and fedex'd the money to the beneficiaries.

Chase bank was fantastic, at first the banker said we needed to take small estate form to a lawyer, but I pointed out he could do the notary action, and so we filled it out there and he notarized it. Money was transferred the next day.

GenWorth annunity was also good, faxed in forms, sent certified the death certificate, and they fedex'd the money 10 days later.
__________________
Fortune favors the prepared mind. ... Louis Pasteur
Sunset is offline   Reply With Quote
Old 06-20-2021, 05:32 AM   #14
Thinks s/he gets paid by the post
 
Join Date: Aug 2007
Posts: 2,852
Quote:
Originally Posted by RobbieB View Post
Me thinks the executor is hanging on to the account until the estate is closed and he determines the fee which he will draw from the B of A account.

I don’t think that’s allowed, at least not in my state (WA). The executor should establish a checking account for the estate and transfer/close all the deceased accounts to the estate account.

All bills, fees, etc, are paid from the estate’s account. Once the estate is closed, the estate’s account is closed, you go to the judge to close the estate/end probate and you’re done.

It’s not a complex process, especially if the assets of the deceased are straightforward.
__________________
Eat, Drink and Be Merry.
tulak is offline   Reply With Quote
Old 06-20-2021, 06:30 AM   #15
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
pb4uski's Avatar
 
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,204
Quote:
Originally Posted by rk911 View Post
.... her brother did not tell her anything about his affairs prior to his death. we've discovered what we know by reading his e-mail and US mail. the take-away for anyone who has not yet prepared a plan for end-of-life...it's not enough to have a plan. you need to let your successor trustees know about the plan. our successor trustees are aware of our trust and our "Emergency Book" which contains everything they need to know.
And simplify your financial affairs... why would on need accounts at four different banks?
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.

Retired Jan 2012 at age 56
pb4uski is offline   Reply With Quote
Old 06-20-2021, 10:49 AM   #16
Recycles dryer sheets
 
Join Date: Jan 2012
Location: Spokane
Posts: 63
As successor trustee of my mom's living trust, I had good experiences with both Ally and Chase. Chase did have to get approval/review from the "boys in the back"; but, it was an otherwise painless event with all the proper documentation in hand. Ally was easiest with everything being handled by secure e-mail. Both might have been easier because we have existing relations with these banks, so we are known customers.

Dealing with the stock holding companies has been much more time consuming with their required Medallion stamps, various notarized statements, etc. Each one of these have their own unique version of forms to request the removal of a trust grantor's name and the addition of the successor trustee's name. After many phone calls, lots of time on hold, and multiple trips to the local bank for Medallion and notary stamps, at 5 weeks since mailing my first requests, I've successfully completed the trustee name change on 21 of 22 stock accounts..

I've done this all without having to engage a lawyer, as that was one of the initial goals when her trust was established 23 yrs ago. A lot of avoided "billable" hours!
Spokane2303 is offline   Reply With Quote
Old 06-20-2021, 11:32 AM   #17
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Sunset's Avatar
 
Join Date: Jul 2014
Location: Spending the Kids Inheritance and living in Chicago
Posts: 16,973
Quote:
Originally Posted by Spokane2303 View Post
...... at 5 weeks since mailing my first requests, I've successfully completed the trustee name change on 21 of 22 stock accounts..

..
WOW...... seems like it would be good to combine accounts and simplify.

I thought I was bad with less than 1/2 that number.
__________________
Fortune favors the prepared mind. ... Louis Pasteur
Sunset is offline   Reply With Quote
Old 06-20-2021, 12:23 PM   #18
Recycles dryer sheets
 
Join Date: Jan 2012
Location: Spokane
Posts: 63
I agree!

My next project is to consolidate the accounts and simplify the holdings.

Two thirds of mom's holdings were inherited from her father (my grandfather), my grandfather's second wife (who had no biological children) and my step father. I think she just avoided dealing with them and their varying cost basis.

We even found "certificate" shares in her files for 6 companies, two of which declared bankruptcy years ago. The most painful being Enron, which I had recommended she sell 6 months before it imploded.
Spokane2303 is offline   Reply With Quote
Old 06-20-2021, 01:34 PM   #19
Administrator
MichaelB's Avatar
 
Join Date: Jan 2008
Location: Chicagoland
Posts: 40,518
Quote:
Originally Posted by pb4uski View Post
And simplify your financial affairs... why would on need accounts at four different banks?
Wait a minute. This is the forum with threads dedicated to finding opportunities to get bonuses by opening new accounts. No disagreement with a suggestion to simplify, but there are good reasons to have multiple accounts.
MichaelB is offline   Reply With Quote
Old 06-20-2021, 02:06 PM   #20
Recycles dryer sheets
 
Join Date: Jan 2012
Location: Spokane
Posts: 63
LOL!
Spokane2303 is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Walk me through settling an estate disneysteve Other topics 70 04-24-2021 05:24 AM
Settling an Estate Golden sunsets FIRE and Money 78 02-19-2020 02:31 PM
Settling an Estate imoldernu Other topics 59 06-19-2016 10:17 PM
Noticed more people holding signs "need work or food" rayinpenn Other topics 3 05-03-2015 02:51 PM
Administrators or Executors Fee When Settling Estate freedomatlast FIRE and Money 18 10-13-2014 09:44 PM

» Quick Links

 
All times are GMT -6. The time now is 04:19 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2024, vBulletin Solutions, Inc.