Do I Have to List All Bank Accounts on the Inventory?
Yes. Any and all bank accounts that the decedent owned must be listed on the inventory. This is true even if the bank accounts were held with payable-on-death (POD) designations or if the bank accounts were jointly held with the right of survivorship.
NOTE: A “money market account” is a bank account. A “money market fund” is not a bank account. A money market fund is a type of mutual fund.
What if the Decedent Had Several Accounts at the Same Bank?
You must list each and every bank account separately, even if the accounts are all at the same bank. This is true even if the decedent had ten or twenty certificates of deposit (CDs) or other accounts—you have to list each and every one separately.
How Do I Describe Bank Accounts on the Inventory?
When listing bank accounts on the inventory, you will need to list the following information:
- The name of the bank;
- The type of the account (e.g., checking account, savings account, or CD);
- If the account was jointly held, the names of all the co-owners;
- If the account had a POD designation, the names of all of the POD beneficiaries; and
- The value of the account on the date of death.
You may also include an abbreviated version of the account number, especially if it is helpful in distinguishing between similar accounts (such as multiple CDs at the same bank). The following formats are acceptable:
| Part 1. The decedent’s personal estate under your supervision and control, valued at the date of death. | |
| DESCRIPTION OF PROPERTY | VALUE |
| First Citizens Bank checking account ***2134 | $12,538.09 |
| Benchmark Community Bank savings account ***1221 | $1,221.82 |
| Citizens Bank & Trust money market account ***3990 | $2,357.13 |
| Citizens Bank & Trust certificate of deposit ***8091 | $5,397.47 |
| Citizens Bank & Trust certificate of deposit ***1124 | $9,997.32 |
| Part 2. The decedent’s interest in multiple party accounts and multiple party certificates of deposit in banks and credit unions, valued at the date of death. | |
| DESCRIPTION OF PROPERTY | VALUE |
| First Citizens Bank checking account ***5645, jointly held by Jane R. Doe, Mary D. Smith, and John M. Doe, Jr. | $89,584.56 |
| Benchmark Community Bank savings account ***7219, POD to Mary D. Smith | $11,291.72 |
| Citizens Bank & Trust certificate of deposit ***3991, POD to John M. Doe, Jr. | $1,222.34 |
| Citizens Bank & Trust certificate of deposit ***8092, POD to John M. Doe, Jr. | $54,947.71 |
Where Do I List the Bank Accounts on the Inventory?
The decedent’s bank accounts will be listed in either Part 1 or Part 2 of the inventory:
- Bank accounts that are jointly held with the right of survivorship will be listed in Part 2 of the inventory.
- Bank accounts with payable-on-death (POD) designations will be listed in Part 2 of the inventory.
- All other bank accounts will be listed in Part 1 of the inventory.
Example 1. At the time of Alice’s death, Alice was the named owner of a checking account at Benchmark Community Bank. No one else was named on the account. When you file the inventory for Alice’s estate, you must list the Benchmark checking account on Part 1 of the inventory.
Example 2. At the time of Alice’s death, Alice was the named owner of a certificate of deposit (CD) at Citizens Bank & Trust. No one else was named on the account. When you file the inventory for Alice’s estate, you must list the CB&T certificate of deposit on Part 1 of the inventory.
Example 3. At the time of Alice’s death, Alice and Bob were the named owners of a certificate of deposit (CD) at BB&T. Bob was alive when Alice died. When you file the inventory for Alice’s estate, you must list the BB&T certificate of deposit on Part 2 of the inventory, and you must additionally state that Alice and Bob owned the certificate of deposit together.
Example 4. At the time of Alice’s death, Alice, Bob, and Carol were the named owners of a savings account at First Citizens Bank. Both Bob and Carol were alive when Alice died. When you file the inventory for Alice’s estate, you must list the First Citizens savings account on Part 2 of the inventory, and you must additionally state that Alice, Bob, and Carol owned the savings account together.