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Email this6:51 am
April 6, 2013
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It looks like EQ Bank has given some thought to handling the death of an account holder: EQ Bank: Estates.
Probate of the will may not be required by them when there is $50,000 or less.
10:32 am
January 12, 2019
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Thanks for that ⬆ Norman ... good to know!
From Norman's link, here's a copy of their wordings:
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- When is probate needed?
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Assets held at EQ Bank in an unregistered savings account, and/or registered products without designation exceeding $50,000, will require proof of probate. Probate is a process whereby a will is verified in a court of law as a valid document that is the true last testament of the deceased.
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Dean
" Live Long, Healthy ... And Prosper! "
10:42 am
October 27, 2013
Online
Most FIs will not say what their thresholds are because technically each situation is.... situational. Complexity and vintage of the Will, number and nature of beneficiaries, and name/location of Executor all factor into calculating risk factors to the institution's potential liability if something goes off the rails.
It is interesting EQ Bank has named a threshold BUT I suspect if their legal departments smell trouble in a particular case, they might deny release of funds at much lower levels. It comes down to "prove to me I don't have measurable risk" of liability.
11:08 am
April 6, 2013
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It is situational still.
The $50,000 threshold is a rejection threshold. If there is over $50,000, then the request to proceed without probating the will will be rejected immediately.
If there is $20,000 involved, EQ Bank will consider the request. But, if the applicant signing the indemnity doesn't look like he or she is good for $20,000, the request will be rejected as well.
1:11 pm
March 18, 2021
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Norman1 said
It is situational still.The $50,000 threshold is a rejection threshold. If there is over $50,000, then the request to proceed without probating the will will be rejected immediately.
If there is $20,000 involved, EQ Bank will consider the request. But, if the applicant signing the indemnity doesn't look like he or she is good for $20,000, the request will be rejected as well.
Amazing its still $50,000 not a lot higher as it was $50,000 about a decade ago.
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