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Tony001

Decedent signs docs funding trust but dies before bank acts

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Grandmother signs documents with bank on Friday, to fund pre-existing Trust. Long weekend. Grandmother dies on Monday, a banking holiday, and before the bank has transferred funds. Bank “feels poorly” that grandmother did everything correctly, but they are uncomfortable with the intervening death before they had a chance to act.. and are thus far refusing to act on her living, in person, instructions. Isn’t this a purely ministerial act? Thoughts? 

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38 minutes ago, Tony001 said:

Grandmother signs documents with bank on Friday, to fund pre-existing Trust.

 

What documents?  Fund the trust how?

 

 

39 minutes ago, Tony001 said:

Isn’t this a purely ministerial act?

 

I don't know.  What significance do you think the term "purely ministerial act" has?  Also, it's not completely clear what "this" refers to?

 

In what state did your grandmother live at the time of her death, and what was her date of death?

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It is possible your grandmother's estate would be required to make the transfer.  However, when your grandmother died, the funds in her account became part of her estate.  Therefore the bank was not authorized to transfer the funds without authorization from your grandmother's personal representative.

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11 hours ago, Tony001 said:

An act, on authority, requiring no exercise of individual judgement.

 

Again, it's not clear why you think it is of significance whether "the transmittal of funds" is or isn't a "purely ministerial act."

 

I suggest that the trustee of the trust confer with local legal counsel.

 

 

4 hours ago, RetiredinVA said:

when your grandmother died, the funds in her account became part of her estate.

 

Unless there was a pay-on-death beneficiary for the account.

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If the now dead person made the request for transfer of funds during the banks business day of Friday and the bank simply didn't do its' job in a timely fashion would that not raise issues?

 

It doesn't seem much different than a check that was written prior to death being honored after death.

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We don't know what the decedent signed.  I imagine the OP would have said she signed a check if that was the document.  And, we don't know if it was presented to the bank before she died.  Checks written before the payor died are not always honored after death.

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17 hours ago, RetiredinVA said:

We don't know what the decedent signed.  I imagine the OP would have said she signed a check if that was the document.  And, we don't know if it was presented to the bank before she died.  Checks written before the payor died are not always honored after death.

 

 

Agreed but your response didn't answer my question which was the bank's responsibility to carry out an instruction in a timely manner.

 

And I know that all such checks are not honored but MANY are.

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