In North Carolina, 3 years ago, my mother gifted $100K to an Irrevocable Trust, me being the trustee. I invested the money in a Bank Of America CD. In Jan 2012, my mother died. Now I'm trying to cash in the CD early.
BOA says that to cash in the account, i have to get an EIN number, get a Letter of Testamentary, etc. as though I'm going to set up an estate, go thru probate, and all that. It's like they don't understand that when my mother gave the money to the trust, it no longer belonged to her.
BOA has all the legal documents, plus, i recently made copies (again) of the legal documents just to be sure they had all they needed.
2 other banks allowed me to close CD accounts with the same docs BOA has.
What can I do?
It's possible that the account was not properly titled in the name of the trust or given a separate trust EIN. As Mr. Fromm stated, you may need to hire an attorney to sort it out. BOA and other big banks, especially, can be very hard to deal with.
Are they talking about the EIN of the estate or the trust. You probably have an EIN for the trust and you would in fact need that piece. However, if the amounts are payable from the trust to you at her death and you are the trustee of the trust and you present her death certificate, it would seem that would be all that is needed. Probate has nothing to do with a stand alone trust. But proof of death may be required. Talk to the law department at BOA and if this fails retain estate counsel to get this done.
Hope this helps.
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I agree with you that it's hard to understand why the bank is acting this way... Usually, though, the devil is in the details and it may be (for reasons suggested by the other attorneys answering this question) that one of those details has gone awry.
I'd suggest a consultation with a trust/probate attorney to have the documents reviewed... although it sounds like you're doing a great job on your own, another set of eyes may spot a problem you've overlooked....
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