If our deceased grandfather has several ITF accounts setup, if we know the bank can we close these out or does the executor to the estate need to do this?

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If our deceased grandfather has several ITF accounts setup, if we know the bank can we close these out or does the executor to the estate need to do this?

They are setup in my name. We under stand that the spouse has an elective share claim in NY and can get 1/3. Can we withdraw the money now or does this need to go to surrogate court?

Asked on August 23, 2011 New York

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

I am so sorry for your loss here.  Giving guidance on this matter without knowing the full details is a bit difficult, since the last line of your question sent up a big red flag. I will give you the general rule but you seem to understand that there could be other issues here that need to be addressed as well and you also need to know that there can be tax implications (although generally the money is considered inherited at the time of death and the beneficiary get it income tax free).  Ok, so the general rule is that if you are the beneficiary of an in trust for account then you can take over ownership of the account simply by presenting the account owner's original death certificate to the bank or investment company where the account is held.  You need not go through probate.  Good luck.


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