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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
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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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