by JudyJB » Thu May 23, 2024 8:39 pm
Finally got the checking and savings accounts set up and some of the money transferred from other accounts for my aunt's estate. I gave them the probate document signed by the judge, my ID, and a copy of the death certificate--this was last Monday. Since they were transferring money from one account that I held for my aunt as a "responsible payee" for pensions and social security, and the old account and new accounts were with the same bank, it was supposed to be an easy thing to set up a new estate checking and savings account. But they had to send everything to their lawyers at another office. It took until this morning for the bank lawyers to approve it.
Then we tried to transfer the money. The small responsible payee account was easy, as was the savings account in another branch in CA that was owned by my aunt but managed as POA by the other POA. However, there was a larger account attached to that account where we had put money from some of her investments while we were meeting with a new investment broker, and that was also in the same bank. Nope, amount was too large, but just found out new rules this morning, so it is also going to lawyers!! That will take a week, but at least there was enough money in the responsible payee account and the savings account that we COULD transfer, so at least I can pay some bills, including the big chunk that SS overpaid and wants back and ditto for another pension. As a couple of you have said, this is not easy. At least we already sold her three homes!!! Plus, the other POA paid the cremation fee, some travel costs for December, and a couple of big law firm bills out of her own pocket, so she is going to get the first check out of the little starter check booklet they gave me!!! It will take at least another 90 days before any beneficiaries get money. There are several, and I know they are anxious to get a bit of money for whatever they need it for.
Never did this before, so it is a great learning experience. Lesson learned, as someone pointed out, is to set up a trust!! Aunt and uncle were going to do this, but dementia got them first. ANother lesson: bank manager said that if you have a large sum of money you want to hold for a brief period, as we did, you should put it in a savings account instead of a checking account. She said fraud is almost never attempted with a savings account, because account numbers are not given out like they are with checks!! It is checking accounts that are targeted.
Hope your back procedure goes well, Barbie. And as far as dogs chewing things, do any of you watch the veterinary shows on TV? Dogs will eat the strangest things that the vets have to remove from stomachs!! And sticks are bad because they have so many shards to them. (I've always thought cats are a little smarter, but even they occasionally eat wrong things.)
Last edited by
JudyJB on Thu May 23, 2024 10:09 pm, edited 1 time in total.