Corporate Signer Dies: What Now?

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Question:

If there is only one officer/signer on a corporate account and he passes away, how should the account be handled? What documents need to be presented to allow someone to deal with the accounts?

Answer:

The individual's ownership of the stock of the corporation becomes an asset of his estate, and the personal representative of the estate will have to deal with the needed steps to elect a new board of directors, which can then appoint someone to manage or liquidate the account.

First published on BankersOnline.com 11/29/10