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Home >> Special Situations >> Deceased Individuals
Credit Union Disregards Estate Executrix
I am an executrix of an estate. A credit union released funds to the spouse of the deceased from an account held only in the deceased's name. The credit union cannot locate the signature card. Can the estate demand that the credit union replace the funds?
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 Many states have laws allowing a bank or credit union to turn over small accounts (balance limits vary by state) to a spouse or other next of kin, or to a funeral home for final expenses, but only if no personal representative of the estate (executor or administrator) makes a claim. Once the bank or credit union makes such a payment, it is typically discharged from liability to other parties. In other words, you, as executrix, would only have a claim against the credit union if you claimed the account before the spouse did, or if the credit union's payment to the spouse was not proper under state law. Subject to the specifics of state law, the estate's claim, if any, would be against the spouse who received the funds.
Published on BankingQuestions.com 1/14/10
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