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Individual Depositor Dies Intestate (Without 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 administration by the court appointed administrator (or can be released by the bank upon presentation by the fiduciary and retention by the bank of a tax waiver issued by the fiduciary and Inheritance Tax Bureau). Again, the exception to holding one-half of the balance is through executing the affidavit of waiver by the surviving spouse. Since the account is not joint, exercise caution prior to the release of funds.
Joint Account Where One Depositor Dies
The right of survivorship on a joint account (either an “and” account or an “or” account) the surviving joint account holder(s) rather than the estate of the deceased are entitles to all funds in the account. No letters of testamentary (surrogate’s certificates) are required. One-half can be released to the surviving account holder and the remaining one-half of the account balance can be released by the bank upon presentation by the survivor and retention by the bank of a tax waiver by the surviving spouse.
Three Exceptions to the General Rules and Regulations Outlined Above
1. “Affidavit of Surviving Spouse” is required when the total value of the real and personal assets of an estate of an intestate will not exceed $10,000. Neither a surrogate’s certificate nor a tax waiver is required for the bank to release the entire balance.
2. “Affidavit in Lieu of Administration” is required when the total value of the real and personal assets of an intestate will not exceed $5,000, and the intestate leaves no surviving spouse, the next of kin shall obtain the consent by the surrogate of the county where the intestate resided at his/her death. Neither a surrogate’s
3.
certificate nor a tax waiver is required for the Bank to release the entire balance.
“Affidavit of Waiver” is designed to simplify the waiver for processing the Transfer of assets to a surviving spouse exempt from the Transfer Inheritance Tax Act 1-800-323-4400 and expedite the release of assets to the surviving Spouse. The value of the estate is not a consideration in this case. Follow specific instructions on the back of the form. Completed forms must be sent by the Bank of Trenton.
The affidavits are completed at the Surrogate’s Office and includes information about the surviving spouse (or next of kin), the value of the intestate’s estate being no more than $10,000 (or $5,000), the resident of the intestate at his death and the nature, location and value of the intestate’s real and personal assets.
Fiduciary Accountants
A fiduciary is an individual, corporation or association, such as a bank or trust company, to whom certain property is given to hold in trust. The property may be utilized or invested for the benefit of the property owner to the best ability of the fiduciary. Executors and administrators of estates are common examples of fiduciaries. Executor or Executrix - Appointed by a Will
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