Steps to take when

a loved one passes away

We’re here to support you and help you make financial decisions
during a difficult time.
What’s inside

Getting started
What to consider first 3

What happens after we are notified 4

What we’ll need from you 5

Convenient ways to submit your documents 6

Additional information to consider

Other questions you may have 7

Other factors impacting the estate settlement 8

Things to know
Account ownership information 9

Product information 10

Reference materials
Useful terms and definitions 12

Estate roles and responsibilities 13

Getting started

What to consider first

Knowing where to begin when handling someone else’s financial affairs can be overwhelming. While each situation is unique, there
are general first steps you can take to make account changes for someone who has passed away.

• Determine your role. If you’ve been named a personal

representative or trustee, you will need to follow the Tip
terms of the will or trust agreement. You may need multiple certified copies of the
death certificate, depending on the complexity
• Order death certificate. The death certificate gives us the of the estate and the number of institutions that
information needed to verify the identity and legal residence of the deceased conducted business with. We do
our customer. A certified copy of the death certificate is generally not require an original document. Other financial
available from the funeral director who handled the deceased’s institutions may do the same, which could help
funeral arrangements, as well as from the Registry of Births, Deaths you save money.
and Marriages in the applicable state/county/parish/territory.

• Notify Bank of America. We’ll ask you for the deceased

customer’s full legal name and Social Security number to identify
their accounts. We’ll also determine your role with the estate, update
your contact information and provide a case reference number.
– Bank of America accounts
Contact Estate Servicing Operations to speak with our dedicated team.
Tip
888.689.4466 Monday through Friday, 9 a.m. – 8 p.m. Eastern
If you’d prefer to notify us at
bankofamerica.com/estateservices one of our financial centers,
Visit your local financial center please schedule an appointment
via the Bank of America
– Wealth Management accounts Mobile Banking app or visit
Contact us directly to speak with our customer’s private client advisor and/or bankofamerica.com/
financial advisor. appointments.

– Bank of America Private Bank accounts

800.878.7878, Monday through Friday, 8 a.m. – 8 p.m. Eastern

– Merrill accounts
866.848.6554, Monday through Friday, 8 a.m. – 8 p.m. Eastern

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Getting started

What happens after we are notified

After we’ve received notification, we conduct a detailed review of our customer’s banking relationship and take action to help
protect their assets with the bank.

• Helping to protect our customer’s assets. Typically, these actions are

Tip
taken prior to receiving any documentation and include, but are not limited to:
In certain scenarios, at the request of the
– Placing balance holds on sole-owned account(s)
surviving co-owner, we can recover Bill Pay
– Closing debit/ATM and/or blocking credit card(s), including removing information and transfer it to a different
authorized users online ID. This must be requested and will
– Canceling standing instructions such as automatic transfers, autopay not be completed automatically, and will
be subject to review and approval.
and recurring transactions
– Suspending applicable fees and charges
– Deactivating Online and Mobile Banking user ID and Telephone Banking,
including Bill Pay

• Federal benefit payments. Any government benefits for the deceased, such as Social Security, will stop and/or be returned
to the government. To learn more about how we handle federal benefits payments, view page 8.

• Carefully review the customer’s account and relationship to determine specific estate needs. We’ll conduct
a detailed review of the customer’s banking relationship to accurately assess what documents or action steps are needed to
transition the accounts. We’ll then work with you or the appropriate representative on what’s needed for handling our customer’s
specific banking relationship. Based on the complexity of the banking relationship, a case manager may work with you or the
appropriate representative directly.

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Getting started

What we’ll need from you

Here are the required documents we’ll need. Other documents may be Important
required under specific circumstances.
A Power of Attorney designating another to act on
• Photocopy of the death certificate. The death certificate gives behalf of the account owner (the principal) is valid
us the information needed to verify the identity and legal residence only during that account owner’s lifetime; the
of our customer as well as confirm date of death. power to act ends with the account owner’s death.

• Other legal documents. We may require additional documents

such as a last will and testament, formal trust, birth or marriage certificate, or proof of legal name change.

• Additional documents required by state law. These are used to confirm the identity of the deceased account holder and
party/parties who have authority to handle the estate.
– For formal probate: Court-issued Letters Testamentary, Letters of
Administration or Certification of Appointment (among others), appointing Tip
an executor, personal representative or administrator. These documents are Consider seeking legal advice from
issued by the court when formal probate of an estate is required under an estate planning attorney to guide
applicable state law. You can begin this process at the county probate court you through the estate settlement
where the decedent resided at the time of passing. process and help you determine if a
– For small estates: A properly executed small estate affidavit, in accordance last will and testament needs to be
with state laws where decedent was a resident. Keep in mind that some probated. Certain states require a
states only require a notarized small estate affidavit while other states require waiting period after the date of
the affidavit be filed with the court. The requirements and availability of this death prior to executing a small
process vary from state to state. If you require this, BofA Estate Services can estate affidavit.
send you a small estate affidavit for your review/completion.

• Bank forms we will provide to you, if necessary:

– Notarized Letter of Instruction is completed by the entitled party (executor or person handling the decedent’s affairs)
and provides instruction on where the disbursed funds should be sent or transferred.
– Signature Card(s) is completed by the surviving owner(s) of a joint checking or savings account to update account signers.
– Notarized Beneficiary Letter of Instruction is completed by the named beneficiary(s) listed on an account and provides
instruction on where the disbursed funds should be sent or transferred.
– Beneficiary Addendum is to be completed by the account owner stating what party(s) are to receive the funds in the event
the owner dies.
– New Owner/Signer Application is needed if you elect to add a new owner to the account during title maintenance.

Tip
Notary services are available at no cost in many of our financial centers. We recommend that you schedule an appointment
to ensure a notary is available to assist you when you visit the financial center.
• We suggest you don’t sign or date the document (some documents must be signed and dated in the presence of a notary).
• Make sure you have all the pages of the document(s) being signed, not just the signature page.
• Make sure all document signers have state-acceptable ID.
To learn more about notarization requirements, visit us at bankofamerica.com/signature-services/notary. For additional
information about notary requirements in your state, consult with a legal advisor or contact your Secretary of State’s office or
other state or local notary authority in your area.

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Getting started

Convenient ways to submit your documents

Once you’ve gathered the required documents, you can submit them to us in one of the following ways.

Upload them to Estate Services online

Tip

Fax them to 866.694.9046 We accept documents in the following formats: PDF,

BMP, DOC, DOCX, JPEG, JPG or PNG. Please note that
we do not accept GIF or HEIF files.
Bring them to any financial center Important Note:
Your privacy is very important to us. We strongly
encourage you to use Bank of America Estate
Mail them to:
Services online to securely upload documents that
Bank of America — Estate Servicing Operations
may contain personal information.
PO Box 31655
Tampa, FL 33631-1655

Contact the Estate Servicing team at 888.689.4466 to activate the Estate Services online capability if not yet active.

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Additional information to consider

Other questions you may have

Here are some common questions, but the answers will vary depending on the type of account and the customer’s state of
residence. We encourage you to contact us to discuss specific case requirements and estate needs with our team.

• How are accounts transferred after an account owner passes away?

The action taken will vary based on the way the account is owned. The table on page 9 provides more detailed information about
ownership types.

• How long will it take for funds to be released?

Because the specifics of each account are different, the time it may take to settle an account will also vary. In general, we begin
to process a request as soon as we receive the necessary documents.

• Can I send a photocopy of the death certificate?

You can send a legible photocopy; however, depending on the circumstances, we may require a certified copy.

• Who are the funds payable to?

This will vary based on several factors. But, in general, the following payout criteria applies to a single account owner:
– If beneficiaries are named, funds will be made payable to the named beneficiaries on the account(s).
– If probate documents are presented, checks are made payable to the “Estate of” the deceased customer.
– If small estate documents are presented, checks are issued in the name of the affiant or claimant.

• How do I open an estate account?

Just make an appointment at your local financial center and an associate will be happy to assist you. You’ll need to provide your
probate document and the EIN number to establish the account.

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Additional information to consider

Other factors impacting the estate settlement

These items may take additional time to resolve and/or require more documentation.

• Federal benefit payments. If a deceased customer was receiving federal benefit payments to their account, the account is
subject to a reclamation review for paid federal benefits after date of death. These funds may be required to be returned to the
issuing federal agency before any funds may be disbursed and/or deposit accounts can be closed.

The bank adheres to the reclamations process guidelines outlined by the

U.S. Treasury Green Book and Gold Book when handling federal benefit payments. Tip
– Social Security Administration: 800.772.1213 We do not proactively return
non-government pension deposits.
– Defense Finance & Accounting Service (DFAS): 888.332.7411 A request from the pension
– U.S. Department of Veteran Affairs/Cemetery Administration: 800.827.1000 company and permission from the
– Office of Personnel Management: 202.606.1800 person handling the affairs must
be provided in order for us to return
– Railroad Retirement Board (RRB): 877.772.5772
the non-government pension.
• New Jersey taxation requirements. Taxation documents are required for any
maintenance on accounts opened in financial centers in the state of New Jersey or if
the customer is a resident of the state of New Jersey. A 50% date of death balance
hold will be placed on joint owned accounts at the time of notification. For more
information, please contact a tax professional or the New Jersey Division of Taxation
at 609.292.5033.

• State court filing requirements

– Texas: Documents presented to collect funds on a sole owner account where the decedent was a resident of Texas must
be court filed and accompanied by an order signed by a judge in a court of law.
– Florida: Documents presented to collect funds of a sole owner account where the decedent was a resident of Florida
must be issued by a probate court except for certain low dollar balances. Court-issued Letter of Administration, Letter of
Testamentary or Order for Summary Administration are examples of documents required.
– Other states: Some states may also require court filing depending on the type of estate. Please contact the local county
probate court based on where the decedent resided or a legal advisor for further information.

• Death in a foreign country or territory

– Decedents who were foreign residents must provide a copy of the local death certificate issued in the country where the
death occurred, and an English translation of the death certificate accompanied by an apostille certifying the authenticity
of the death certificate.
– Decedents who were residents of a foreign country that is not a member of the Hague Apostille Convention must provide
a copy of the local death certificate issued in the country where the death occurred and an English translation of the
death certificate.
– Decedents who were residents of the U.S. but passed away in a foreign country must provide a Consular Report of Death
of an American Citizen Abroad from the U.S. consulate or embassy where the death occurred.

– U.S. court-issued documentation is required to collect funds. Foreign country estate documentation will not be accepted
for distribution of funds.

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Things to know

Account ownership information

Here’s a list of account types and whether they’re included in the deceased customer’s estate or are passed directly by other
means. Each account type may take additional time to resolve and/or require additional documentation. Our team will review and
determine whether less documentation is needed.

Account Part of the

Additional requirement information
type estate process?

For individually owned accounts, the applicable transfer process (formal probate or
Sole-owner small estate process) generally determines when an account will be closed. The person
Yes
accounts authorized to handle the estate will need to present the state-specific documents
establishing their authority.

Joint accounts are owned by more than one person. Most joint accounts are established
Joint accounts with rights of survivorship, which means that any surviving owner(s) retain their ownership
with rights of No of the account after one owner dies. The title of the account will be updated to reflect
survivorship the names of the surviving owner(s) once we have the certified photocopy of the death
certificate and an updated signature card.

In cases where the joint account does not include survivorship, such as tenants in
Joint accounts
common or without survivorship, the surviving owner and the estate of the deceased
without Yes
would share the funds. For certain products, additional information and documentation
survivorship
may be required.

Accounts held An account owner may designate one or more beneficiaries for an account during his or her
In Trust For lifetime. When the account owner dies, the funds in the account pass to the beneficiary(ies).
(ITF), Payable • The beneficiary(ies) must provide notarized letters of instruction in addition to the
on Death No death certificate to have the account closed and funds disbursed to them directly.
(POD) or
• Note: The account may be subject to return of federal benefit funds, which may delay
Transfer on
the disbursement.
Death (TOD)
An account may be in the name of a Formal Trust. Trustee(s) are named on the account
to control the assets of the trust. Successor Trustees are listed in the trust agreement
so they can carry on the role of the Trustee(s) if the current Trustee(s) are no longer able
to perform the duty.
Accounts held • Original trust documents and any amendments identify successor trustee in the event
in the name of No a grantor/trustee dies.
a Formal Trust • Successor Trustees may request the trust account to be updated or closed and funds
disbursed in the name of the trust.
• Bank form certificate of trust will be required in addition to original trust documents/
amendments with instructions on next steps from the successor trustee. If applicable,
a tax identification number (EIN) may be required.

For individually owned accounts, the applicable transfer process (formal probate or
Sole proprietor
small estate process) generally determines when an account will be closed. The person
business Yes
authorized to handle the estate will need to present the state-specific documents
account
establishing their authority.

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Things to know

Product information
Here are some product-specific scenarios that may impact the estate settlement process by taking additional time to resolve
and/or require additional documentation.

• Safe deposit box. Maintenance is processed in the financial center that houses the safe deposit box.
– The decedent’s name can be removed from joint rented boxes, or the boxes can be closed at the request of the joint renter.
– A single rented safe deposit box will require documentation showing approval to view, collect the contents and close the box.
Document requirements vary state by state.
– Documentation presented to us to close the account needs to be for the state where the box is physically located, regardless
of the deceased person’s residence.

• Credit cards. If the credit card account is closed in connection with the death of the account holder, all cards linked to the
account will be closed.
– If there is an outstanding balance on the credit card account, we will seek payment from the assets of the decedent’s estate
and will not attempt to collect the debt from the authorized estate representative individually.
– Rewards eligible for redemption may be redeemed if requested by an authorized representative of the estate, unless there is
at least one surviving accountholder on the account.
– If there is no surviving accountholder, the authorized representative of the estate, as determined by us, must request redemption
of any rewards. If there is a balance on the account at the time of the request, the authorized representative of the estate
must indicate that the account balance will be paid in full, and redemption will not occur until such payment is made.
– The request for redemption and payment of any outstanding balance on the account must occur within 57 days from the
date that account changed to deceased status. Payments can be accepted by Credit Card Payment/Estate Recovery
at 888.221.4299.
– Rewards will be redeemed in the name of the deceased account holder and if mailed, rewards will be sent to the address
we have on file for the deceased account holder.
– Redemption eligibility depends on the final status of the credit card account(s), is subject to the account being paid in full and
is in our sole discretion.
– If there is a credit card balance on the account, we will refund the credit balance within seven business days from receipt of a
written request from the authorized representative of the estate. If no request is received, we will make a good faith effort to
return any credit balance remaining on the account within six months.

• Mortgages and Home Equity Lines of Credit (HELOC). To communicate

with the Home Loans department about a deceased borrower’s account details, Tip
an authorized user must be added. The party requesting to be added as an Mortgages and HELOCs that are in
authorized user or successor in interest must send a written request to the name of joint borrowers and set
Bank of America’s Name & Title Change unit. To discuss letter requirements up with an auto payment plan are
and/or answer any questions you may have, contact Mortgage Servicing subject to cancellation due to the
at 800.669.6607 or HELOC Servicing at 866.406.8426. death of one of the borrowers.

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Things to know

Product information, continued

• Auto/boat/RV loans
– For questions about auto, boat or RV loans, contact us at 877.243.5796.
– If the account is or becomes past due, we reserve the right to exercise the remedies available to us under the agreement
signed by the decedent, or pursuant to applicable law.

• Individual Retirement Account (IRA). Distribution of funds are

determined based on the existence of entitled beneficiaries and will include Tip
the option of receiving a lump sum distribution or moving the funds into an We recommend contacting a financial
inherited Money Market IRA. advisor and/or a tax advisor to ensure you
are making the best decision based on
For traditional IRA distributions, federal and/or state taxes may be withheld
your financial profile.
at your request:
– If we are paying out to the decedent’s estate, follow the state guidelines
for probate or small estate (same as other deposit accounts).
– If we are paying out to a named beneficiary, we require a photocopy of
the death certificate and a bank Beneficiary Distribution Election Form.
Tip
• Business accounts, including but not limited to limited liability
company, corporation and partnership Schedule an appointment with one of
our local Small Business Specialists at
– All business account needs, such as transfer of business ownership and bankofamerica.com/appointments
account or product changes, are handled at one of our financial centers or contact Small Business Servicing at
or over the phone by our dedicated Small Business Banking teams. 888.287.4637 to discuss your
– Documents for the business changes (which may include articles of specific situation.
incorporation, meeting minutes or a partnership agreement) will need
to be presented. Documents vary by state, type of legal formation
and ownership structure.

• Uniform Transfers Minor Acts Accounts (UTMA or UGMA)

Tip
– These deposit accounts are set up for minor beneficiaries with
a custodian. Don’t delay when it comes to UTMA or
UGMA account changes. Visit a local
– A successor custodian must be appointed even in situations where
financial center as soon as possible,
the minor is of age. because there may be a 60-day window
– Age of majority, rules and regulations vary state by state. after the date of the custodian’s passing
to make changes in certain situations
• Prepaid cards. Please contact the card servicing number located (depends on the age of the minor). Once
on the back of the card to get information on how to proceed with you update the title, we strongly advise
collecting the funds. you to complete a successor custodian
form so it is on file in the event the new
• Financial services for military members. The federal Servicemembers custodian can no longer act.
Civil Relief Act and comparable state laws afford protections and benefits
to eligible military service personnel, including protections related to
repossession and foreclosure as well as interest rate relief. For additional
information and to determine eligibility, please call our Enterprise
Military Benefits Unit at 877.345.0693.

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Reference materials

Useful terms and definitions

This responsibility and experience may be a first for many. Review the following terms for a more thorough understanding of the
processes explained throughout this guide.

Apostille: A person who validates the seal and signature Power of Attorney: A legal document that designates
of a notary on a document so that it can be accepted in a another to act on behalf of the account owner (the principal)
foreign country. and is valid only during that account owner’s lifetime. The
power to act ends with the account owner’s death.
EIN number: Employer Identification Number issued by
the IRS, commonly used by employers to report taxes. Probate: The legal process of collecting the assets of a
deceased person to pay any liabilities remaining on the
Estate: The assets and liabilities left by the decedent. person’s estate, then distributing the remaining assets
according to the will, or state law if no will exists.
Fiduciary: A person who has been entrusted with the
responsibility to manage the assets or rights of another Residence: Official place of residence (based on what
person. May be referred to as a guardian, conservator, state of residence is listed on the death certificate).
executor or administrator, trustee, representative payee,
custodian or, in some cases, an attorney-In-fact (agent). Small estate affidavit: In some states, based on the
size of the estate, this legal document can be used to
Last will and testament: A legal document in which a claim or disburse assets without having to go through
person includes instructions for the distribution of his or formal probate. The threshold for what meets the “small
her property and possessions after death. estate” guideline and who qualifies to use this process
varies from state to state.
Letters of administration: Court documents obtained
by the person or corporation appointed by a court to settle Successor in interest: Person who indicates they have
the estate of a deceased person if no valid will can be interest or rights to property under a mortgage with
found or if there is a will and the named fiduciary does Bank of America.
not serve.
U.S. Treasury Gold Book: A guide issued by the
Letter of instruction: A document completed and U.S. Treasury to govern check reclamation. Check
signed by the beneficiary, successor, affiant or court- reclamation is a recovery procedure used by the
appointed representative of the estate providing specific Bureau of the Fiscal Service to obtain refunds
instructions on how to disburse the remaining money in (reclamations) from a presenting financial institution
any accounts. for paid U.S. Treasury checks.

Letter Testamentary: Court documents obtained by U.S. Treasury Green Book: The Green Book is a
the executor/executrix confirming his or her appointment comprehensive guide for financial institutions that receive
as the personal representative with authority to settle ACH payments from and send payments (i.e., collections)
an estate. to the federal government.

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Reference materials

Estate roles and responsibilities

Review the following definitions to better understand your potential role in the settlement of our customer’s accounts.

Administrator: The person or corporation appointed by Personal representative: The person or corporation
a court to settle the estate of a deceased person if appointed by a court to settle the estate of a deceased
no valid will can be found or if there is a will and the person if no valid will can be found or if there is a will
named fiduciary does not serve. and the named fiduciary does not serve.

Authorized user: A person who has been given Successor trustee: An individual person or member
permission by the account holder to use the credit card of a board given control or powers of administration of
account, but is not liable for the debit resulting from property in trust once the current trustee(s) can no longer
such use. serve with legal obligation to administer it solely for the
purposes specified.
Beneficiary: Person or persons who receive the assets
of an estate after all debts are satisfied. Also, a person Trustee: An individual person or member of a board given
named in an informal trust as In Trust For (ITF) or Payable control or powers of administration of property in trust
on Death (POD) beneficiary on bank records. with legal obligation to administer it solely for the
purposes specified.
Executor/executrix: Person or corporation named in
the decedent’s will to settle the estate and approved
by the court to serve as such.

Need more information?

Call us at 888.689.4466, Monday through Friday 9 a.m. – 8 p.m. Eastern
or visit bankofamerica.com/estateservices.

©2022 Bank of America Corporation | MAP4915421 | BRO-07-22-0397

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