Legal Question in Wills and Trusts in Washington

Re: Inheritance-Bank laws

Mr. Cohen is correct, and the law is the same in Washington State. The Personal Respresentative/Executor/Administrator becomes effectively the successor in interest to the contract the deceased had with the bank.

Re: Inheritance-Bank laws

yes, the owner/decedent of the savings account switches from the account holder at death to the estate of the account holder, which is managed by the executor/fiduciary. All contracts, and I do mean all contracts (e.g., a lease where the decedent is collecting rent, a promissory note held by the decedent) continue to be in force and effect. Therefore the bank must continue to give the estate of the account holder the same interest.

Re: Inheritance-Bank laws

I should add that the executor tends to go to the bank, shows the bank the death certificate, and gets his/her name on the account, and then pays the debts/distributes the money with the money in the account.