Legal Question in Wills and Trusts in Pennsylvania
My mother passed away last year. Since she was in a nursing home, she had no assets , so no estate was filed. She did have a savings account with approx. $1700.00 in it. Since my brother's POA ceased at the time of her death, he was unable to close this account. I have since been told that since it is less than $3000.00,all we need to do is go to the bank with a death certificate, and they will release the funds. Is this true? Thank you.
1 Answer from Attorneys
There is a family exemption of $3,500. Since the amount in the account is less than that, it would be all be exempt and the bank should release the funds. The bank might want a document from the court indicating that probate is not necessary. The bank might also want to see a copy of the will and will release the funds to the executor named in the will. If there is no will, then the bank might want all of the heirs to sign a receipt saying that the funds have been released. I can't see the bank issuing a check to each heir - that is why I think they might want the release. It will then be up to the person who gets the money to distribute it among the other heirs or as per the will.
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