What to do when an Independent Financial account holder dies

On the death of any one owner, the funds pass to the surviving owner or owners. A payable-on-death beneficiary receives nothing until the last owner dies.¹

On a payable-on-death or statutory revocable trust account, the funds pass at the last owner's death to the beneficiaries, in equal shares if more than one survives, after SouthState deducts any fees or costs the last owner owed the bank. If no beneficiary survives, the funds are paid to the last owner's estate.²

SouthState may treat an account with a defective payable-on-death or trust designation as an ordinary account, and it has no duty to notify beneficiaries.²

On a written-trust account, the successor trustee presents the signed and notarized trust certification, the death certificate and the trustee's ID. SouthState may also ask for the full trust agreement.¹

With no beneficiary, joint owner or trust, the personal representative presents Letters Testamentary or Letters of Administration. Where the estate qualifies, a Texas or Colorado small estate affidavit may be accepted instead.¹

The beneficiary named on the IRA plan agreement claims an IRA CD. The deposit-account signature card does not control an IRA.¹

Anyone acting as personal representative, trustee, guardian or conservator on a SouthState account must be designated in that fiduciary capacity on the account signature card.¹

SouthState Wealth provides estate settlement agency services to individuals named as personal representatives. It takes on the day-to-day administration for the named representative rather than replacing them.³

Who qualifies: Individuals named as personal representatives.

The Personal Deposit Account Agreement requires prompt notice when any owner, or anyone with the right to access the account, dies or becomes legally incompetent.²

SouthState may keep honoring checks, items and instructions until it knows of the death and has had a reasonable opportunity to act on that knowledge.²

SouthState may pay or certify checks drawn on or before the date of death for up to 10 calendar days after the death, unless a person claiming an interest in the account orders it to stop payment.²

A stop-payment order gives the check number, date, payee and the amount exact to the penny. A verbal order can expire after 14 days if it is not put in writing.²

Direct deposits of federal or state benefits, such as Social Security, may be reversed, and funds should be kept in the account for that purpose. If the funds are not there, SouthState may use any legal or equitable remedy to recover its loss.²

SouthState may apply funds to any debt an owner or co-owner owes it, and all funds in a joint account may be used to repay the debts of any co-owner. The right of offset does not apply to IRA or tax-qualified retirement accounts, fiduciary accounts, or consumer credit card obligations.²

An agent's authority under a durable power of attorney to receive payments, transact, or make changes to the account ends at the account owner's death.²

The agreement maintains an account in the state of the branch where it was opened, or within 50 miles of one. For a customer who lives outside the branch footprint, it treats the account as maintained in Florida.²