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Home >> Special Situations >> Deceased Individuals
What Makes a Will Real?
My mother passed away. The beneficiary on her Will requested bank account funds and was told that the bank needs proof the Will is real. It has been notarized by the law firm who holds the original. Is this not enough?
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 A Will is a first step in directing what happens to property after one dies. However, before a Will can have any legal effect, it must be approved by a probate court. The court reviews the form of the Will to ensure it meets the state's legal requirements (signature, witnesses, notarization and other technical requirements), and if it is approved, names an executor or administrator, sometimes called the personal representative, of the estate. Usually, an executor is listed in the Will, but anyone listed there still has to meet the court's standards.
Once the will has been approved and the personal representative named by the court, the court issues a document certifying those decisions (a certificate of appointment or Letters Testamentary). That is the document the bank must see before allowing anyone access to the account.
In some states, there are special laws that permit funds to be paid out of a single-owner account of a decedent without the appointment of an estate's personal representative. To qualify, the account balance must be less than the ceiling amount in the law, the request must come from a next of kin (or in some states a funeral home), and no personal representative can have made a claim on the account. Check with the bank to see if your state has such a law.
Published on BankingQuestions.com 11/12/09
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