The deceaseds only assets are a couple of cheques of around $500. What do I do?
Most banks and credit unions will release funds to the executor or next-of-kin of an estate under $10,000. If the deceased had an account at the date of death, the bank may agree to deposit the cheques to the account, then release the funds on an Indemnity Agreement (an agreement to repay the bank if a future claim on the estate is made against it). The executor under the Will may complete the Agreement, or if there is no Will, the next-of-kin who stand to inherit may do so. Banks usually release funds for payment of funeral costs without requiring indemnity. Contact the financial institution to find out what they require.
