Deceased Account Terminology

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Across
  1. 1. An individual appointed by the Surrogate’s court through letters of administration to manage the funds of an estate.
  2. 7. The individual appointed to manage the assets of a deceased individual. In the case of deceased accounts, this is the executor or administrator.
  3. 9. Official documents issued by the Surrogate’s court when there is no will. These letters name an administrator of an estate.
  4. 10. Individual or individuals who manage the funds within the trust and are responsible for transacting on the trust. (Could be the same
  5. 11. An individual appointed by the Surrogate’s court through letters of testamentary to manage the funds of an estate. (Executrix when female)
  6. 13. Process that occurs when an individual dies, where their assets are collected and distributed.
  7. 14. Sometimes referred to as the “right to set off” an account, this process allows the credit union to transfer funds to cover a debt or negative balance owed to the financial institution.
  8. 15. A process in which funds are returned to an agency, if received following a decedent’s date of death (ie: Social Security)
Down
  1. 2. or different individuals from the grantors).
  2. 3. Document issued by the county certifying that an individual is deceased. This document is used to verify the identity of the decedent and the date they died.
  3. 4. The individual who has died on the account.
  4. 5. A person or persons designated on an account to receive the funds upon the owner’s death.
  5. 6. An individual or individuals who create the trust and are the owner of the assets placed in the trust.
  6. 8. Official documents issued by the Surrogate’s court when a will is entered into probate. These letters name an executor/executrix of an estate
  7. 12. Legal process in which a will is reviewed to determine whether it is valid.