Today’s Dear FineMark question comes from a Frustrated Administrator who writes:
“My sister and I are co-trustees of our brother’s estate. We brought his legal documents and death certificate to his bank, but they wouldn’t share any information with us. They said only the beneficiaries can claim the funds in person. How are we supposed to know who those beneficiaries are?”
Signed, A Frustrated Sibling
Today’s “Dear FineMark…” question was answered by
Managing Executive-Shell Point, Anna Smith
FineMark National Bank & Trust, Shell Point
This is a situation many families encounter and it can be confusing. When someone passes away, any accounts with named beneficiaries, like payable-on-death bank accounts or life insurance policies, typically bypass the will and probate process entirely. That means they’re not part of the estate you’re administering.
And here’s the key part: The bank’s responsibility is to honor the account holder’s instructions. That means transferring funds directly to the named beneficiary, once they provide the required documentation, like a death certificate. As the administrator of the estate, your role is to oversee probate assets, those without named beneficiaries. You can, and should, notify heirs listed in the will. But banks are not obligated to share information about accounts with named beneficiaries unless you have proper legal authority, like letters testamentary. Even then, privacy rules often prevent banks from disclosing certain details, especially if the account already has a valid beneficiary designation. In some cases, if the named beneficiary has passed or there’s a dispute, that account might re-enter probate.
So, what can you do? First, work with an estate attorney. They can help confirm your authority and advise you on what’s accessible under the law. Second, be prepared to provide court documents that show your legal appointment. And finally, understand that even though this process can feel frustrating, it’s designed to protect the deceased’s wishes and their financial privacy. Estate administration is rarely simple, but you don’t have to navigate it alone. If you’re facing a similar challenge, reach out. We’re always here to help guide you through.
