Deceased Account Terminology

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Across
  1. 2. An individual appointed by the Surrogate’s court through letters of testamentary to manage the funds of an estate.
  2. 9. An official process in which an individual or multiple individual’s funds are placed in a separate entity for the purpose of managing their money while still alive and providing for the management and disbursement of their money upon death.
  3. 10. these are deposit accounts that are jointly owned in which the funds pass to the living joint owner upon one owner’s death.
  4. 12. A signed document provided by a beneficiary, executor or next of kin, indicating how funds should be handled or disbursed.
  5. 13. Process that occurs when an individual dies, where their assets are collected and distributed.
  6. 14. Individual or individuals who manage the funds within the trust and are responsible for transacting on the trust.
  7. 15. When an individual dies with a will.
  8. 16. An individual appointed by the Surrogate’s court through letters of testamentary to manage the funds of an estate. (Executrix when female)
  9. 19. 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.
  10. 20. Legal process in which a will is reviewed to determine whether it is valid.
Down
  1. 1. Official documents issued by the Surrogate’s court when there is no will. These letters name an administrator of an estate.
  2. 3. 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.
  3. 4. Official documents issued by the Surrogate’s court when a will is entered into probate. These letters name an executor/executrix of an estate
  4. 5. The individual who has died on the account.
  5. 6. 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.
  6. 7. An individual appointed by the Surrogate’s court through letters of administration to manage the funds of an estate.
  7. 8. The individual appointed to manage the assets of a deceased individual. In the case of deceased accounts, this is the executor or administrator.
  8. 11. An individual or individuals who create the trust and are the owner of the assets placed in the trust.
  9. 17. A person or persons designated on an account to receive the funds upon the owner’s death.
  10. 18. A process in which funds are returned to an agency, if received following a decedent’s date of death (ie: Social Security)