Deceased Account Terminology

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Across
  1. 2. The individual who has died on the account.
  2. 3. Legal process in which a will is reviewed to determine whether it is valid.
  3. 6. 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.
  4. 10. Official documents issued by the Surrogate’s court when there is no will. These letters name an administrator of an estate.
  5. 14. An individual or individuals who create the trust and are the owner of the assets placed in the trust.
  6. 15. 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. 17. Documents giving someone certain rights to act on behalf of another individual due to some form of incapacitation or inability to act in their own right while living. These documents are null at the time of an individual’s death.
Down
  1. 1. A process in which funds are returned to an agency, if received following a decedent’s date of death (ie: Social Security)
  2. 4. 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.
  3. 5. The individual appointed to manage the assets of a deceased individual. In the case of deceased accounts, this is the executor or administrator.
  4. 7. Process that occurs when an individual dies, where their assets are collected and distributed.
  5. 8. Individual or individuals who manage the funds within the trust and are responsible for transacting on the trust.
  6. 9. A signed document provided by a beneficiary, executor or next of kin, indicating how funds should be handled or disbursed.
  7. 11. An individual appointed by the Surrogate’s court through letters of administration to manage the funds of an estate.
  8. 12. An individual appointed by the Surrogate’s court through letters of testamentary to manage the funds of an estate. (Executrix when female)
  9. 13. A person or persons designated on an account to receive the funds upon the owner’s death.
  10. 16. An individual appointed by the Surrogate’s court through letters of testamentary to manage the funds of an estate.