At what time does someone accrue the right for a social security check that they have been receiving? At midnight on the 1st of the month? Or, when electronically deposited on the "2nd" or "3rd" of the month?
Here is a situation. A person receiving month social security checks finally passes away. They pass away on the "2nd" of the month. A social security check is deposited electronicly in the account on the "3rd" of the same month. But the account is set up as joint tenancy and TOD. Is the asset "owned" by the senior citizen before they pass away, (e.g., right of asset accrues just past midnight on the "1st" of the month, enabling the Fed to cut the check) and therefore transferred as an asset to the TOD/joint tenant recipient? Or, is the social security check considered and asset of the estate and not an asset of the TOD beneficiary since it arrived in the account after someone deceased?