Page 33 - Gosselin Funeral Home

Bank Rules and Regulations
Documents Required in the Event of Death of Personal Representative: Surrogate’s Certificate showing appointment of new representative. New signature cards will be required.
Transfer of Funds From Checking to Savings
An executor or an administrator of an estate may transfer that portion of a checking account being held by the Bank, as required by law for Tax purposes, to an interest-bearing account without a tax waiver.
The interest-being account must be in the name of the decedent or his/her estate and the Bank must not permit withdrawals from the interest-bearing account without a tax waiver.
Guardians
This includes minors, in addition, all persons judicially determined to be incapable of handling their affairs.
Examples of Titles:
“Estate of John Smith, a Minor” William Jones, Guardian or
“Estate of John Doe, An Incompetent” Mary Doe, Guardian
Documents Required
Court certificate covering the appointment of the Guardian. Should the judgement be conditional upon filing of a bond, the certified copy of the judgement or court certificate should indicate that the bond has been filed. Guardians named in instruments, other than stated above, obtain certified copy of the instrument
Estate Checking
Estate checking is an account through which all deposits and disbursements in connection with the settling of an estate can be handled. These accounts should be issued personal account numbers to be opened on white signature cards.
Individual Depositor Dies Testate (with a Will)
One-half of the funds in the account on the date of death can be released by the bank upon presentation of letters of testamentary (surrogate’s certificates) by the executor or executrix. The remaining balance can be released by the bank upon presentation by the fiduciary, and retention by the bank and a tax waiver issued by the New Jersey Inheritance Tax Bureau. Exceptions to holding one- half of the funds is through the use of an affidavit of waiver by the surviving spouse. Since the account is not joint, exercise caution prior to the release of funds.
GOSSELIN FUNERAL HOME - Page 33