- Probate a frozen bank account. Did you know that most banks will immediately, and I'm talking immediately, freeze a bank account when the account owner dies. Now, you might think and you might even answer, "Well, that makes sense."
And it actually does until you're in the middle of a probate and you need that money that's in that bank account to pay final expenses, utilities, and just to keep the estate assets going until they're distributed. If the bank account gets frozen, then the heirs are usually scrambling to find money to pay expenses. Especially, funeral expenses at the very end.
Now, if you hold your bank account in joint tenancy with someone else, then there really should not be a problem. Just remember that the other joint tenant immediately owns the entire account on the death of the first tenant. So if you intended money in that bank account to go to others, even if it's in a last will, a bank account with a joint tenancy will pass outside of the estate in Oklahoma. Which means a last will does not apply to the bank account because it's outside of the estate, does that make sense?
So let's say you have three kids and you hold your bank account in joint tenancy of $60,000 with your oldest daughter. You discussed this with your oldest daughter and she agreed that if you passed then she would split the money, that $60,000 with her other two siblings.
However, when the time comes your oldest daughter who you trusted decides she doesn't wanna share and your other two kids are left out in the cold. Now they could try to sue, but the bottom line is that account became the daughter's and her's only the second you passed away because it was held in joint tenancy. Instead, I have seen other folks tried to use a pay on death designation, POD instead.
This is not a bad idea, but most banks will still immediately freeze the account. This is because they will usually require a death certificate and an affidavit of survivorship by each of the surviving heirs. This is usually not a big deal but it can take several weeks to months to receive a certified death certificate.
If money is needed immediately, the heirs might need to pay out of their own pocket until they can submit the appropriate documentation to the banks so that they can be reimbursed. Can you guess what I believe is the best option for most people? Comment below and let's see who answers first.
If you said revocable living trust, then you win the bid price. Part of the process of funding your revocable trust you will change the ownership of your bank accounts to the name of your trust. Your revocable trust will become the owner of those bank accounts. This means that if you become incapacitated, you're still living, your successor trustee can immediately can step into your shoes and have access to all bank accounts owned by the trust.
The same goes for when you pass away. Your successor trustee simply steps into your shoes without delay. Bank accounts do not get frozen and your trustee can pay for final expenses, utilities, mortgage payments, and generally just keeping up the estate until it needs to be distributed.
I hope that you can see from our video that a revocable living trust centered estate plan really provides a seamless transition from you to your successor trustee both dear in your lifetime and after you passed.
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- Probate una cuenta bancaria congelada. ¿Sabía que la mayoría de los bancos lo harán de inmediato? y estoy hablando de inmediato, congele una cuenta bancaria cuando el titular de la cuenta muere. Ahora, podrías pensar e incluso responder, "Bueno, eso tiene sentido".
Y en realidad lo hace hasta que estás en el medio de un testamento y necesitas ese dinero eso es en esa cuenta bancaria para pagar gastos finales, servicios públicos y solo para mantener los bienes del patrimonio van hasta que se distribuyan. Si la cuenta bancaria se congela, entonces los herederos generalmente están luchando para encontrar dinero para pagar los gastos. Especialmente, gastos funerarios al final.
Ahora, si tienes tu cuenta bancaria en arrendamiento conjunto con otra persona, entonces realmente no debería haber un problema. Solo recuerda que el otro copropietario posee de inmediato toda la cuenta a la muerte del primer inquilino. Entonces, si pretendía dinero en esa cuenta bancaria para ir a otros, incluso si es en un último testamento, una cuenta bancaria con una tenencia conjunta pasará fuera de la finca en Oklahoma.
Lo que significa que no se aplica un último testamento a la cuenta bancaria porque está afuera de la finca, ¿tiene sentido? Entonces digamos que tienes tres hijos y mantiene su cuenta bancaria en tenencia conjunta de $ 60,000 con su hija mayor. Discutiste esto con tu hija mayor y ella aceptó que si pasabas entonces ella dividiría el dinero, esos $ 60,000 con sus otros dos hermanos.
Sin embargo, cuando llegue el momento tu hija mayor en quien confiabas decide que no quiere compartir y tus otros dos hijos se quedan afuera en el frío. Ahora podrían intentar demandar, pero la conclusión es esa cuenta se convirtió en la única hija y de ella el segundo que falleciste porque se celebró en tenencia conjunta. En cambio, he visto a otras personas trató de usar un pago por designación de muerte, POD en su lugar.
Esta no es una mala idea, pero la mayoría de los bancos aún congelará de inmediato la cuenta. Esto se debe a que generalmente requerirán un certificado de defunción y una declaración jurada de supervivencia por cada uno de los herederos sobrevivientes. Esto generalmente no es un gran problema pero puede tomar varias semanas o meses recibir un certificado de defunción certificado.
Si se necesita dinero de inmediato, los herederos pueden necesitar pagar de su propio bolsillo hasta que puedan presentar la documentación apropiada a los bancos para que puedan ser reembolsados. ¿Puedes adivinar lo que creo? Cuál es la mejor opción para la mayoría de las personas? Comenta abajo y veamos quién contesta primero. Si dijiste confianza vital revocable, entonces ganas el precio de la oferta.
Parte del proceso de financiación de su fideicomiso revocable cambiará la propiedad de sus cuentas bancarias a nombre de su confianza. Su confianza revocable se convertirá El dueño de esas cuentas bancarias. Esto significa que si queda incapacitado, sigues viviendo, tu sucesor fiduciario inmediatamente puede pisar sus zapatos y tener acceso a todas las cuentas bancarias que posee el fideicomiso.
Lo mismo ocurre cuando falleces. Su administrador sucesor simplemente da un paso en tus zapatos sin demora. Las cuentas bancarias no se congelan y su administrador puede pagar los gastos finales, servicios públicos, pagos de hipoteca, y en general solo manteniendo el patrimonio hasta que necesite ser distribuido.
Espero que puedas ver en nuestro video que un plan de patrimonio centrado en un fideicomiso revocable realmente proporciona una transición perfecta de usted a su administrador sucesor ambos queridos en tu vida y después de tu fallecimiento.
Bueno, muchachos, si están obteniendo valor hoy ¿puedes hacerme un gran favor? y presiona el botón Me gusta a continuación? El que tiene el pulgar hacia arriba. Y también si esta es tu primera vez aquí, luego presiona el botón de suscripción. Realmente lo agradecería. Gracias por mirar, que tengas un gran día. Y como siempre, tenga una semana increíble. Nos vemos la próxima vez, gracias por mirar.
As someone deeply immersed in estate planning and probate matters, I can attest to the critical issues raised in the provided article. The intricate details surrounding the freezing of bank accounts upon the death of the account owner and the subsequent challenges during probate are areas of my expertise.
Firstly, the article touches on the immediate freezing of bank accounts upon the account owner's demise. This is a well-established practice by most banks to safeguard the assets until the probate process is completed. However, the article rightly highlights the potential difficulties that arise when immediate access to funds is crucial for covering final expenses and maintaining the estate during the probate proceedings.
The concept of joint tenancy is discussed as a viable solution to avoid the immediate freezing of a bank account. The article emphasizes that if a bank account is held in joint tenancy, the surviving joint tenant automatically becomes the sole owner of the account upon the death of the first tenant. This method is presented as a way to bypass the probate process for the specific account, allowing for the seamless transfer of ownership.
Additionally, the article briefly touches on the limitations of using a pay on death (POD) designation. While it may help avoid probate, the freezing of the account still occurs, requiring the submission of a death certificate and an affidavit of survivorship, which can take weeks to months.
The crux of the matter, as the article suggests, lies in the utilization of a revocable living trust as the most effective solution. By restructuring ownership and placing assets, including bank accounts, within the trust, individuals can ensure a smooth transition in case of incapacity or death. The successor trustee appointed in the trust document can seamlessly take control of the assets, including bank accounts, without delays or freezes.
In conclusion, the article underscores the importance of proactive estate planning, specifically through the establishment of a revocable living trust. This approach not only addresses the immediate concerns related to frozen bank accounts but also provides a comprehensive strategy for managing assets during one's lifetime and facilitating a seamless transition after death.
