Which is a legal obligation of financial institutions with which the decedent did business?
A)To close any demand accounts held by the decedent
B)To encourage those who hold accounts with the decedent to withdraw funds to avoid death taxes
C)To cancel all credit card debts
D)To present safe deposit box contents whenever requested

Question

Quizplus · Accepted Answer

Financial institutions are legally obligated to close any demand accounts held by the decedent upon being notified of the death. This is part of the process of settling the decedent's estate. Encouraging withdrawals to avoid taxes, canceling credit card debts, and presenting safe deposit box contents without proper legal process are not legal obligations of financial institutions.

Which Is a Legal Obligation of Financial Institutions with Which