I was the Executor for an estate of a friend of mine....everything was covered we thought before he passed.....
He had never listed a beneficiary on his bank account..............
The Bank withheld the cash in his account after his death and after 3 years it transferred to the State of Texas..............
Thanks713-783-7444, ref. in Houston.
Trusts come in many flavors. Have some advantages, some dis advantages. Good lawyer will get the right version.
POD doesn't always work, will and attachments go through probate usually.
That’s a bank error. As executor, you should had a durable power of attorney that came along with executor duties. At death, the account should have transferred to the estate of (deceased person) if no POD/TOD filed once the death certificate was presented. As executor, you should have been able to distribute that estate account as you saw fit.
Having said that, most banks don’t have a real good process in place to do that and even fewer banks have specially trainer employees to handle retitling the account.
The state should have allowed the estate to claim the undistributed funds.