What to do when the owner of a money market account dies?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
What to do when the owner of a money market account dies?
My mother just passed away last week and all of her assets are in one money market checking account that totals 15K. There are no major outstanding debts (a few to follow up on such as 1/2 months rent for this month and a few small other items totaling maybe $1K). My wife is/was my mother’s POA and I am the executor. I have a family member that works for the organization that manages the aforementioned checking account and they are telling me that it needs to be closed immediately and the funds distributed to beneficiaries. Can my wife and I keep the account open for 30 days and pay these few outstanding bills as they come in and then just write 3 checks to the 3 beneficiaries and close the account at that time?
Asked on May 15, 2014 under Estate Planning, Wisconsin
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 9 years ago | Contributor
I am so sorry for your loss. Just so you know a POA dies with the person for whom it is enacted so it is no longer in effect. If you are the Executor then you can have these funds placed in to an estate account to pay bills then distribute the net proceeds (assets minus debts paid). You should look to see if you can do this via small estate laws in the state since the amount is minimal. Good luck.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.