The Texas Independent Banker - May/June 2017 - 9

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A thorough estate planner will also help her
client dispose of electronic records. This includes
assuring that a representative knows the decedent's user name and passwords for various online
accounts. This is particularly critical with bank
records since paper statements have long since
gone the way of the dodo bird. Be aware of this
potential issue. At this writing, there is pending
legislation that will deal with this.

Safe Deposit Box
If there are co-tenants on the safe deposit box
agreement, then the death of one does not prevent
the other from accessing the box and removing the
contents. However, if there is merely an agent or
deputy designated by the box renter, then that person's authority ends on the death of the box renter.
Texas law permits certain persons to access
the box after the death of the renter without a
court order. The rules for this have been in place
for many decades. The decedent's spouse, parent, descendant (at least 18 years old) or person
named as executor in a will may examine the box
contents in the presence of an officer of the bank.
A person named in the will as executor make take
the will. The bank must make a copy and keep it
for four years. A life insurance policy may be given
to a person named as beneficiary. And a document

appearing to be a deed to a burial plot may be
given to the person examining the box contents.
Issue a receipt for the document that is delivered
under this law. Some parties will request that an
inventory be made of the contents. This is a good
procedure, but it is not required by law.

Claims Against an Estate
The executor must follow certain procedures
with regard to claims including publishing notice
and sending a specific notice to a secured creditor. There is a very short time for responding. The
bank should present its claim and indicate whether
it wishes to have the claim allowed in the administration or fixed as a preferred debt against the
property. If the latter, then the bank looks to the collateral for repayment. The period for presentment
is the later of six months after the date the letters
testamentary or of administration are granted or
four months after the notice is received from the
executor or administrator. Be sure that you tickle
the file to make a timely response. Otherwise, your
claim may be barred.
■

If the customer
had a will, the
executor should
file it for probate.
Often, they will
simply bring the
will to the bank
and expect you
to turn over the
account. Do not
do this! A will has
no effect until it
is probated.

Karen M. Neeley, in the Austin office of Kennedy
Sutherland LLP, is widely recognized throughout the
Texas financial institution community in the areas
of regulatory and compliance law. Contact her at
kneeley@kslawllp.com.

May/June 2017

www.ibat.org

9


http://www.ibat.org

Table of Contents for the Digital Edition of The Texas Independent Banker - May/June 2017

Up Front CHRISTOPHER L. WILLISTON, CAE
General Counsel’s Corner KAREN M. NEELEY
Services Spotlight JOE KIM KING
The Compliance Guy KELLY GOULART, CRCM CAMS CIA
News
Leadership Conference Preview
Gap Management: An Idea Whose Time Has Gone LESTER MURRAY
IBAT 2017 Regional Meeting Tour CHRISTOPHER L. WILLISTON VI, CAE
In an Uncertain World, Look for the Silver Lining MARK ROE
Farewell from Mae Beth
People
Calendars
New Members
Index of Advertisers
Communities
The Texas Independent Banker - May/June 2017 - cover1
The Texas Independent Banker - May/June 2017 - cover2
The Texas Independent Banker - May/June 2017 - 3
The Texas Independent Banker - May/June 2017 - 4
The Texas Independent Banker - May/June 2017 - 5
The Texas Independent Banker - May/June 2017 - Up Front CHRISTOPHER L. WILLISTON, CAE
The Texas Independent Banker - May/June 2017 - 7
The Texas Independent Banker - May/June 2017 - General Counsel’s Corner KAREN M. NEELEY
The Texas Independent Banker - May/June 2017 - 9
The Texas Independent Banker - May/June 2017 - Services Spotlight JOE KIM KING
The Texas Independent Banker - May/June 2017 - 11
The Texas Independent Banker - May/June 2017 - 12
The Texas Independent Banker - May/June 2017 - The Compliance Guy KELLY GOULART, CRCM CAMS CIA
The Texas Independent Banker - May/June 2017 - 14
The Texas Independent Banker - May/June 2017 - News
The Texas Independent Banker - May/June 2017 - Leadership Conference Preview
The Texas Independent Banker - May/June 2017 - 17
The Texas Independent Banker - May/June 2017 - 18
The Texas Independent Banker - May/June 2017 - Gap Management: An Idea Whose Time Has Gone LESTER MURRAY
The Texas Independent Banker - May/June 2017 - 20
The Texas Independent Banker - May/June 2017 - 21
The Texas Independent Banker - May/June 2017 - IBAT 2017 Regional Meeting Tour CHRISTOPHER L. WILLISTON VI, CAE
The Texas Independent Banker - May/June 2017 - 23
The Texas Independent Banker - May/June 2017 - 24
The Texas Independent Banker - May/June 2017 - 25
The Texas Independent Banker - May/June 2017 - In an Uncertain World, Look for the Silver Lining MARK ROE
The Texas Independent Banker - May/June 2017 - 27
The Texas Independent Banker - May/June 2017 - 28
The Texas Independent Banker - May/June 2017 - Farewell from Mae Beth
The Texas Independent Banker - May/June 2017 - People
The Texas Independent Banker - May/June 2017 - 31
The Texas Independent Banker - May/June 2017 - Calendars
The Texas Independent Banker - May/June 2017 - Index of Advertisers
The Texas Independent Banker - May/June 2017 - Communities
The Texas Independent Banker - May/June 2017 - cover3
The Texas Independent Banker - May/June 2017 - cover4
The Texas Independent Banker - May/June 2017 - 37
The Texas Independent Banker - May/June 2017 - 38
The Texas Independent Banker - May/June 2017 - 39
The Texas Independent Banker - May/June 2017 - 40
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