In the wake of a loved one's passing, an array of tasks awaits, including notification to relevant organizations. One such organization might be their bank. If your loved one held an account with Northern Trust, it is important to notify them promptly to help settle the estate and prevent fraudulent activity.
Who Should Be Notified
Northern Trust should be notified if the deceased held any accounts there. This could include checking or savings accounts, credit cards, investment portfolios, or safe deposit boxes.
When to Notify
Contact with Northern Trust should be made as soon as possible following your loved one's passing. Prompt notification aids in the prevention of any potential identity theft or fraudulent activity.
How to Notify
Notification to Northern Trust can be initiated by calling their client support line or by visiting a local branch in person. Be prepared to supply the deceased's full name, account numbers, and a copy of the death certificate.
What to Expect After Notification
Once Northern Trust is informed of the account holder's passing, they will guide you through their specific process. This may include freezing accounts, settling outstanding debts, and discussing the transfer of any remaining funds, in accordance with the deceased's will or estate plan.
Tips for Notification
When dealing with Northern Trust, keep a record of all correspondences and interactions. This includes the date and time of calls, the name of the representative you spoke with, and any actions taken. This record will be invaluable if any issues arise.
Though it's a challenging task in a difficult time, notifying Northern Trust of a loved one's passing is an important step in settling their estate. By understanding the process and acting promptly, you can ensure a smoother transition and protect your loved one's financial legacy.
Q: What happens if there's outstanding debt on the deceased's accounts?
A: If there's outstanding debt, Northern Trust will typically settle it using the funds in the deceased's account. If there aren't sufficient funds, the estate may be responsible.
Q: What happens to a joint account?
A: In most cases, a joint account will become the sole property of the surviving account holder. However, it's best to consult with Northern Trust directly for their specific policies.
Q: What if I can't find the account number?
A: If you don't have the account number, Northern Trust may be able to find the account using the deceased's name and other identifying information. However, having the account number can make the process quicker and easier.