Procedure for Account with Deceased Owner

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Question:

If the owner of an account is deceased, should the beneficiary close the current account and open a new one? If not, how should the account be titled?

Answer:

Close account A. Open account B. Forty lashes with a wet 20 dollar bill for any employee who wants to change account ownership using file maintenance.

The beneficiary simply owns the funds; he can title the new account any way he wants. (IRAs are different.)

First published on BankersOnline.com 4/30/12