What happens to bank accounts and safe deposit boxes after death?
A bank may transfer an amount up to ¾ of the total value of the deposit without the consent of the tax commissioner. The tax commissioner does not require a tax release or waiver for assets equal to or less than $25,000 or for assets passing to a surviving spouse, regardless of the dollar amount. The tax commissioner does not require an inventory of a safe deposit box upon the death of the owner. Can an automobile be transferred without Probate Court’s consent? Title to two automobiles, boats, motorcycles, etc. (with a total value of $40,000 or less) may be transferred to a spouse without the consent of probate court. In addition, any automobile titled jointly with right of survivorship, or with a “transfer on death” designation, also transfers to the survivor or designated beneficiary outside of the probate estate. Are abbreviated Probate procedures available for small estates? Yes. Release from Administration applies if either: 1) the assets of the estate is $35,000 or less, or 2) th
