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How do withdraw money from a deceased person? - Edward : - 11-09-2012 07:38 PM
my friends brother passed away, and there family is trying to withdraw the money he had an his accounts. they think its done with the death certificate?
his car
gmail
banks
fidelity
Taxes?
i know this is a lot to take in, but how about retrieving money out of the account, does the mom or father only do it, because we would like that more.
- mbrcatz - 11-09-2012 07:46 PM
They can't "withdraw" money from his accounts. If he set the account up as POD, Pay Upon Death with someone named, all they have to do, is turn over the death certificate, and the bank will cut the check to that person. If it's NOT a POD account, then all his assets will have to go through probate, if he has no will.
They'll probably need to hire an estate attorney. All the debts he owes will have to be paid off, before anyone can inherit anything.
- efflandt - 11-09-2012 07:46 PM
You cannot simply take money out of a dead person's account. Anything with a beneficiary (life insurance, retirement accounts) should be paid to beneficiaries if you give them a certified copy of death certificate. But for anything else, it either has to be properly and legally handled by the personal representative designated by the deceased, or it has to go through probate, and all debts and taxes paid before anything can be distributed from the estate. Consult an estate attorney. If he has no will and no POD (payable on death) or TOD (transfer on death) for other accounts or assets, web search "intestate succession" for your state to see who gets what.
- steepquicksand079 - 11-09-2012 07:46 PM
You don't. Only the executor of the estate can do that.