Can I close my late mother's business checking account and transfer the funds in it to my savings account? My mom has a trust fund set up at the same bank of which I am the beneficiary. I called the bank and was told that the business checking account wasn't a part of the trust fund, that it is a seperate entity. Since its not in the trust, do I have the ability to close the account and transfer the funds, being that I'm next of kin? The account was in her name only. My savings account is at the same bank as her business checking account.
In some states, accounts of deceased individuals with smaller balances (the ceiling varies from state to state) may be paid to a next of kin.
The bank is the best source of information about the laws in your state and any documentation the bank would require to facilitate the request.
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In some states, accounts of deceased individuals with smaller balances (the ceiling varies from state to state) may be paid to a next of kin.
The bank is the best source of information about the laws in your state and any documentation the bank would require to facilitate the request.
