Estate Services

Determine your role. If you’ve been named a personal representative or trustee, you will need to follow the terms of the will or trust agreement. For more information about Estate roles and responsibilities, take a look at Useful terms and definitions.

Order death certificate. The death certificate gives us the information needed to verify the identity and legal residence of our customer. A certified copy of the death certificate is generally available from the funeral director who handled the deceased’s funeral arrangements, as well as from the Registry of Births, Deaths and Marriages in the applicable state/county/parish/territory.

How are accounts managed after an account owner passes away?
The action taken will vary based on the way the account is owned. For more information please download the Client Resource Guide.

How long will it take for funds to be released?
Because the specifics of each account are different, the time it may take to settle an account will also vary. In general, we begin to process a request as soon as we receive the necessary documents.

Can I send a photocopy of the death certificate?
You can send a legible photocopy; however, depending on the circumstances, we may require a certified copy.

Who are the funds payable to?
This will vary based on several factors. But, in general, the following payout criteria applies to a single account owner:

• If beneficiaries are named, funds will be made payable to the named beneficiaries on the account(s).
• If probate documents are presented, checks are made payable to the “Estate of” the deceased customer.
• If small estate documents are presented, checks are often issued in the name of the affiant or claimant.

How do I open an estate account?

Just make an appointment at your local financial center and an associate will be happy to assist you. You’ll need to provide your probate document and the EIN number to establish the account.

These items may take additional time to resolve and/or require more documentation.

Federal benefit payments. If a deceased customer was receiving federal benefit payments to their account, the account is subject to a reclamation review for paid federal benefits after date of death. These funds may be required to be returned to the issuing federal agency before any funds may be disbursed and/or deposit accounts can be closed.

The bank adheres to the reclamations process guidelines outlined by the U.S. Treasury Green Book and Gold Book when handling federal benefit payments.

• Social Security Administration: 800-772-1213
• Defense Finance & Accounting Service (DFAS): 888-332-7411
• U.S. Department of Veteran Affairs/Cemetery Administration: 800-827-1000
• Office of Personnel Management: 202-606-1800
• Railroad Retirement Board (RRB): 877-772-5772

New Jersey taxation requirements. Taxation documents are required for any maintenance on accounts opened in financial centers in the state of New Jersey or if the customer is a resident of the state of New Jersey. A 50% date of death balance hold will be placed on joint owned accounts at the time of notification. For more information, please contact a tax professional or the New Jersey Division of Taxation at 609-292-5033.

State court filing requirements

• Texas: Documents presented to collect funds on a sole owner account where the decedent was a resident of Texas must be court filed and accompanied by an order signed by a judge in a court of law.
• Florida: Documents presented to collect funds of a sole owner account where the decedent was a resident of Florida must be issued by a probate court except for certain low dollar balances. Court-issued Letter of Administration, Letter of Testamentary or Order for Summary Administration are examples of documents required.
• Other States: Some states may also require court filing depending on the type of estate. Please contact the local county probate court based on where the decedent resided or a legal advisor for further information.

Death in a foreign country or territory

• Decedents who were residents of a foreign country that is a member of the Hague Apostille Convention must provide a copy of the local death certificate issued in the country where the death occurred, and an English translation of the death certificate accompanied by an apostille certifying the authenticity of the death certificate.
• Decedents who were residents of a foreign country that is not a member of the Hague Apostille Convention must provide a copy of the local death certificate issued in the country where the death occurred and an English translation of the death certificate.
• Decedents who were residents of the U.S. but passed away in a foreign country must provide a Consular Report of Death of an American Citizen Abroad from the U.S. consulate or embassy where the death occurred.
• U.S. court-issued documentation is required to collect funds. Foreign country estate documentation will not be accepted for distribution of funds.

This responsibility and experience may be a first for many. Review the following terms for a more thorough understanding of the processes explained throughout this guide.

Apostille: A certificate that authenticates the signature of a public official on a document for use in another country.

EIN number: Employer Identification Number issued by the IRS, commonly used by employers to report taxes.

Estate: The assets and liabilities left by the decedent.

Fiduciary: A person who has been entrusted with the responsibility to manage the assets or rights of another person. May be referred to as a guardian, conservator, executor or administrator, trustee, representative payee, custodian or, in some cases, an attorney-In-fact (agent).

Last will and testament: A legal document in which a person includes instructions for the distribution of his or her property and possessions after death.

Letters of administration: Court documents obtained by the person or corporation appointed by a court to settle the estate of a deceased person if no valid will can be found or if there is a will and the named fiduciary does not serve.

Letter of instruction: A document completed and signed by the beneficiary, successor, affiant or court-appointed representative of the estate providing specific instructions on how to disburse the remaining money in any accounts.

Letter Testamentary: Court documents obtained by the executor/executrix confirming his or her appointment as the personal representative with authority to settle an estate.

Power of Attorney: A legal document that designates another to act on behalf of the account owner (the principal) and is valid only during that account owner’s lifetime. The power to act ends with the account owner’s death.

Probate: The legal process of collecting the assets of a deceased person to pay any liabilities remaining on the person’s estate, then distributing the remaining assets according to the will, or state law if no will exists.

Residence: Official place of residence (based on what state of residence is listed on the death certificate).

Small estate affadivit: In some states, based on the size of the estate, this legal document can be used to claim or disburse assets without having to go through formal probate. The threshold for what meets the “small estate” guideline and who qualifies to use this process varies from state to state.

Successor in interest: Person who indicates they have interest or rights to property under a mortgage with Bank of America.

U.S. Treasury Gold Book: A guide issued by the U.S. Treasury to govern check reclamation. Check reclamation is a recovery procedure used by the Bureau of the Fiscal Service to obtain refunds (reclamations) from a presenting financial institution for paid U.S. Treasury checks.

U.S. Treasury Green Book: The Green Book is a comprehensive guide for financial institutions that receive ACH payments from and send payments (i.e., collections) to the federal government.

Estate roles and responsibilities

Administrator: The person or corporation appointed by a court to settle the estate of a deceased person if no valid will can be found or if there is a will and the named fiduciary does not serve.

Authorized User: A person who has been authorized by the account owner to use the credit card account but is not liable for the transactions made using the account.

Beneficiary: Person or persons who receive the assets of an estate after all debts are satisfied. Also, a person named in an informal trust as In Trust For (ITF) or Payable on Death (POD) beneficiary on bank records.

Executor/executrix: Person or corporation named in the decedent’s will to settle the estate and approved by the court to serve as such.

Personal representative: The person or corporation appointed by a court to settle the estate of a deceased person if no valid will can be found or if there is a will and the named fiduciary does not serve.

Successor trustee: An individual person or member of a board given control or powers of administration of property in trust once the current trustee(s) can no longer serve with legal obligation to administer it solely for the purposes specified.

Trustee: An individual person or member of a board given control or powers of administration of property in trust with legal obligation to administer it solely for the purposes specified.