Legal Question in Wills and Trusts in Illinois
Bank will not release a retirement account that I need to settle an estate
As trustee, I am trying to settle the estate of a relative. I have taken care of all bank accounts and stocks EXCEPT for a retirement account at a bank. I have gone in several times and presented all of my identification as well as a copy of death certs and a copy of the trust. They say the only records they have state that the money goes to the ''estate'', despite the fact that I brought the relative to the bank (in a wheelchair) and had them change this account to the name of the trust.
They will not give me the money apparently without legal intervention. Why is this? What can I do to get them to release this account to me? (I asked them to deposit the money directly into an account I set up with the name of the trust)
2 Answers from Attorneys
Re: Bank will not release a retirement account that I need to settle an estate
You have provided insufficient information to properly advise. However, from what you have posted, it seems the bank is acting in the best interest of the deceased. Taking a relative in to the bank and changing the name of the account to that of a trust, after the date of death, clearly raises concern for the bank and, rightly so. If you want it done properly, then retain an attorney.
Re: Bank will not release a retirement account that I need to settle an estate
Generally, a retirement account will be paid to the estate when there is no beneficiary named. If your relative made this change prior to his/her death, then the bank should be following the new beneficiary direction.
If this is not happening, then most likely they do not have the correct documentation.
I would recommend having an attorney review the documentation in your possession in order to ascertain the rights of the trust vs. how the money would be distributed if it goes directly to the estate.
Good luck to you.
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