N.J. Admin. Code § 18:26-11.17
Current through Register Vol. 56, No. 21, November 4, 2024
Section 18:26-11.17 - Funds held in a banking institution(a) Except as otherwise indicated in this chapter, unless a waiver is first obtained, no banking institution, trust company, or safe deposit company organized under the laws of the State of New Jersey; national bank operating in the State of New Jersey; building and loan or savings and loan association organized under the laws of the State of New Jersey; credit unions chartered by the United States operating in the State of New Jersey; corporation; or person may release or transfer any funds, securities, deposits, or other assets belonging to or on deposit to the credit of a decedent whether held: 1. In the name of the decedent individually, as co-depositor, jointly, trustee, agent, cestui que trust, or in any other capacity, except when held as custodian for a minor pursuant to N.J.S.A. 46:38-1et seq.; or2. As rental security deposits under the provisions of N.J.S.A. 47:8-19et seq. 18:26-11.18 Funds held in bank accounts (a) Bank accounts. Where funds are held on deposit in any bank to the credit of a person and payable on the death of such person to a named beneficiary, upon the death of the named beneficiary, no waiver is required to transfer or release the funds to such person, however, a waiver is required to transfer or release such funds to the beneficiary upon the death of the principal.(b) Double dollar accounts. Where, upon the death of a decedent having funds on deposit to his or her credit, individually, in a joint account with right of survivorship or trustee account, in a banking institution located in New Jersey, there is credit to the account the proceeds of a life insurance contract, the consent of the Director is required to release the amount on deposit after credited thereto the proceeds of the life insurance policy. In order to determine the taxability thereof, the type of account is to be indicated on the return.N.J. Admin. Code § 18:26-11.17
Adopted by 50 N.J.R. 1624(a), effective 7/16/2018