Steps to Take When a Loved One Passes Away

We’re here to support you and help you make financial decisions

during a difficult time.

Steps to take when

aloved one passes away

What’s inside

Getting started

What to consider first 3

What happens after we are notified 4

What we’ll need from you 5

Convenient ways to submit your documents 6

Additional information to consider

Other questions you may have 7

Other factors impacting the estate settlement 8

Things to know

Account ownership information 9

Product information 10

Reference materials

Useful terms and definitions 12

Estate roles and responsibilities 13

• Notify BankofAmerica. We’ll ask you for the deceased

customer’s full legal name and Social Security number to identify

their accounts. We’ll also determine your role with the estate, update

your contact information and provide a case reference number.

– BankofAmerica accounts

Contact Estate Servicing Operations to speak with our dedicated team.

888.689.4466

Monday through Friday, 9 a.m. – 8 p.m. Eastern

bankofamerica.com/estateservices

Visit your local financial center

– Wealth Management accounts

financial advisor.

– BankofAmerica PrivateBank accounts

800.878.7878, Monday through Friday, 8 a.m. – 8 p.m. Eastern

– Merrill accounts

866.848.6554, Monday through Friday, 8 a.m. – 8 p.m. Eastern

Getting started

What to consider first

Knowing where to begin when handling someone else’s financial affairs can be overwhelming. While each situation is unique, there

are general first steps you can take to make account changes for someone who has passed away.

• Determine your role. If you’ve been named a personal

representative or trustee, you will need to follow the

terms of the will or trust agreement.

• Order death certificate. The death certificate gives us the

information needed to verify the identity and legal residence of

our customer. A certified copy of the death certificate is generally

available from the funeral director who handled the deceased’s

funeral arrangements, as well as from the Registry of Births, Deaths

and Marriages in the applicable state/county/parish/territory.

Tip

If you’d prefer to notify us at

oneof our financial centers,

please schedule an appointment

via the BankofAmerica

MobileBanking app or visit

bankofamerica.com/

appointments.

Tip

You may need multiple certified copies of the

death certificate, depending on the complexity

of the estate and the number of institutions that

the deceased conducted business with. We do

not require an original document. Other financial

institutions may do the same, which could help

you save money.

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Getting started

What happens after we are notified

After we’ve received notification, we conduct a detailed review of our customer’s banking relationship and take action to help

protect their assets with the bank.

• Helping to protect our customer’s assets. Typically, these actions are

taken prior to receiving any documentation and include, but are not limited to:

– Placing balance holds on sole-owned account(s)

– Closing debit/ATM and/or blocking credit card(s), including removing

Authorized Users

– Canceling standing instructions such as automatic transfers, autopay and

recurring transactions, when applicable.

– Suspending applicable fees and charges

• Federal benefit payments. Any government benefits for the deceased, such as Social Security, will stop and/or be returned

to the government. To learn more about how we handle federal benefits payments, view page 8.

• Carefully review the customer’s account and relationship to determine specific estate needs. We’ll conduct

a detailed review of the customer’s banking relationship to accurately assess what documents or action steps are needed to

transition the accounts. We’ll then work with you or the appropriate representative on what’s needed for handling our customer’s

specific banking relationship. Based on the complexity of the banking relationship, a case manager may work with you or the

appropriate representative directly.

Tip

In certain scenarios, at the request of the

surviving co-owner, we can recover Bill Pay

information and transfer it to a different

online ID. This must be requested and will

not be completed automatically, and will

be subject to review and approval.

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Getting started

What we’ll need from you

Here are the required documents we’ll need. Other documents may be

required under specific circumstances.

• Photocopy of the death certificate. The death certificate gives

us the information needed to verify the identity and legal residence

of our customer as well as confirm date of death.

• Other legal documents. We may require additional documents

such as a last will and testament, formal trust, birth or marriage certificate, or proof of legal name change.

Tip

Notary services are available at no cost in many of our financial centers. We recommend that you schedule an appointment

to ensure a notary is available to assist you when you visit the financial center.

• We suggest you don’t sign or date the document (some documents must be signed and dated in the presence of a notary).

• Make sure you have all the pages of the document(s) being signed, not just the signature page.

• Make sure all document signers have state-acceptable ID.

To learn more about notarization requirements, visit us at bankofamerica.com/signature-services/notary. For additional

information about notary requirements in your state, consult with a legal advisor or contact your Secretary of State’s office or

other state or local notary authority in your area.

Tip

Consider seeking legal advice from

an estate planning attorney to guide

you through the estate settlement

process and help you determine if a

last will and testament needs to be

probated. Certain states require a

waiting period after the date of

death prior to executing a small

estateaffidavit.

Important

A Power of Attorney designating another to act on

behalf of the account owner (the principal) is valid

only during that account owner’s lifetime; the

power to act ends with the account owner’s death.

• Additional documents required by state law. These are used to confirm the identity of the party/parties who have

authority to handle the estate.

– For formal probate: Court-issued Letters Testamentary, Letters of

Administration or Certification of Appointment (among others), appointing

an executor, personal representative or administrator. These documents are

issued by the court when formal probate of an estate is required under

applicable state law. You can begin this process at the county probate court

where the decedent resided at the time of passing.

– For small estates: A properly executed small estate affidavit, in accordance

with state laws where decedent was a resident. Keep in mind that some

states only require a notarized small estate affidavit while other states require

the affidavit be filed with the court. The requirements and availability of this

process vary from state to state. If you require this, BofA Estate Services can

send you a small estate affidavit for your review/completion.

• Bank forms we will provide to you, if necessary:

– Notarized Letter of Instruction is completed by the entitled party (executor or person handling the decedent’s affairs)

and provides instruction on where the disbursed funds should be sent or transferred.

– Signature Card(s) is completed by the surviving owner(s) of a joint checking or savings account to update account signers.

– Notarized Beneficiary Letter of Instruction is completed by the named beneficiary(s) listed on an account and provides

instruction on where the disbursed funds should be sent or transferred.

– Beneficiary Addendum is to be completed by the account owner stating what party(s) are to receive the funds in the event

the owner dies.

– New Owner/Signer Application is needed if you elect to add a new owner to the account during title maintenance.

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Getting started

Convenient ways to submit your documents

Once you’ve gathered the required documents, you can submit them to us in one of the following ways.

Upload them to Estate Services online

Fax them to 866.694.9046

Bring them to any financial center

Mail them to:

BankofAmerica — Estate Servicing Operations

PO Box 31655

Tampa, FL 33631-1655

Contact the Estate Servicing team at 888.689.4466 to activate the Estate Services online capability if not yet active.

Tip

We accept documents in the following formats: PDF,

BMP, DOC, DOCX, JPEG, JPG or PNG. Please note that

we do not accept GIF or HEIF files.

Important Note:

Your privacy is very important to us. We strongly

encourage you to use BankofAmerica Estate

Services online to securely upload documents that

may contain personal information.

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Additional information to consider

Other questions you may have

Here are some common questions, but the answers will vary depending on the type of account and the customer’s state of

residence. We encourage you to contact us to discuss specific case requirements and estate needs with our team.

• How are accounts managed after an account owner passes away?

The action taken will vary based on the way the account is owned. The table on page 9 provides more detailed information about

ownership types.

• How long will it take for funds to be released?

Because the specifics of each account are different, the time it may take to settle an account will also vary. In general, we begin

to process a request as soon as we receive the necessary documents.

• Can I send a photocopy of the death certificate?

You can send a legible photocopy; however, depending on the circumstances, we may require a certified copy.

• Who are the funds payable to?

This will vary based on several factors. But, in general, the following payout criteria applies to a single account owner:

– If beneficiaries are named, funds will be made payable to the named beneficiaries on the account(s).

– If probate documents are presented, checks are made payable to the “Estate of” the deceased customer.

– If small estate documents are presented, checks are often issued in the name of the affiant or claimant.

• How do I open an estate account?

Just make an appointment at your local financial center and an associate will be happy to assist you. You’ll need to provide your

probate document and the EIN number to establish the account.

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Additional information to consider

Other factors impacting the estate settlement

These items may take additional time to resolve and/or require more documentation.

• Federal benefit payments. If a deceased customer was receiving federal benefit payments to their account, the account is

subject to a reclamation review for paid federal benefits after date of death. These funds may be required to be returned to the

issuing federal agency before any funds may be disbursed and/or deposit accounts can be closed.

The bank adheres to the reclamations process guidelines outlined by the

U.S. Treasury Green Book and Gold Book when handling federal benefit payments.

– Social Security Administration: 800.772.1213

– Defense Finance & Accounting Service (DFAS): 888.332.7411

– U.S. Department of Veteran Affairs/Cemetery Administration: 800.827.1000

– Office of Personnel Management: 202.606.1800

– Railroad Retirement Board (RRB): 877.772.5772

Tip

We do not proactively return

non-government pension deposits.

A request from the pension

company and permission from the

person handling the affairs must

be provided in order for us to return

the non-government pension.

• New Jersey taxation requirements. Taxation documents are required for any

maintenance on accounts opened in financial centers in the state of New Jersey or if

the customer is a resident of the state of New Jersey. A 50% date of death balance

hold will be placed on joint owned accounts at the time of notification. For more

information, please contact a tax professional or the New Jersey Division of Taxation

at 609.292.5033.

• State court filing requirements

– Texas: Documents presented to collect funds on a sole owner account where the decedent was a resident of Texas must

be court filed and accompanied by an order signed by a judge in a court of law.

– Florida: Documents presented to collect funds of a sole owner account where the decedent was a resident of Florida

must be issued by a probate court except for certain low dollar balances. Court-issued Letter of Administration, Letter of

Testamentary or Order for Summary Administration are examples of documents required.

– Other states: Some states may also require court filing depending on the type of estate. Please contact the local county

probate court based on where the decedent resided or a legal advisor for further information.

• Death in a foreign country or territory

– Decedents who were residents of a foreign country that is a member of the Hague Apostille Convention must provide a copy

of the local death certificate issued in the country where the death occurred, and an English translation of the death certificate

accompanied by an apostille certifying the authenticity of the death certificate.

– Decedents who were residents of a foreign country that is not a member of the Hague Apostille Convention must provide

a copy of the local death certificate issued in the country where the death occurred and an English translation of the

death certificate.

– Decedents who were residents of the U.S. but passed away in a foreign country must provide a Consular Report of Death

of an American Citizen Abroad from the U.S. consulate or embassy where the death occurred.

– U.S. court-issued documentation is required to collect funds. Foreign country estate documentation will not be accepted

for distribution of funds.

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Things to know

Account ownership information

Here’s a list of account types and whether they’re included in the deceased customer’s estate or are passed directly by other

means. Each account type may take additional time to resolve and/or require additional documentation. Our team will review and

determine whether less documentation is needed.

Account

type

Part of the

estate process?

Additional requirement information

Sole-owner

accounts

Yes

For individually owned accounts, the applicable transfer process (formal probate or

small estate process) generally determines when an account will be closed. The person

authorized to handle the estate will need to present the state-specific documents

establishing their authority.

Joint accounts

with rights of

survivorship

Joint accounts are owned by more than one person. Most joint accounts are established

with rights of survivorship, which means that any surviving owner(s) retain their ownership

of the account after one owner dies. The title of the account will be updated to reflect

the names of the surviving owner(s) once we have the certified photocopy of the death

certificate and an updated signature card.

Joint accounts

without

survivorship

Yes

In cases where the joint account does not include survivorship, such as tenants in

common or without survivorship, the surviving owner and the estate of the deceased

would share the funds. For certain products, additional information and documentation

may be required.

Accounts held

In Trust For

(ITF), Payable

on Death

(POD) or

Transfer on

Death (TOD)

An account owner may designate one or more beneficiaries for an account during his or her

lifetime. When the account owner dies, the funds in the account pass to the beneficiary(ies).

• The beneficiary(ies) must provide notarized letters of instruction in addition to the

death certificate to have the account closed and funds disbursed to them directly.

• Note: The account may be subject to return of federal benefit funds, which may delay

the disbursement.

Accounts held

in the name of

a Formal Trust

An account may be in the name of a Formal Trust. Trustee(s) are named on the account

to control the assets of the trust. Successor Trustees are listed in the trust agreement

so they can carry on the role of the Trustee(s) if the current Trustee(s) are no longer able

to perform the duty.

• Original trust documents and any amendments identify successor trustee in the event

a grantor/trustee dies.

• Successor Trustees may request the trust account to be updated or closed and funds

disbursed in the name of the trust.

• Bank form certificate of trust will be required in addition to original trust documents/

amendments with instructions on next steps from the successor trustee. If applicable,

a tax identification number (EIN) may be required.

Sole proprietor

business

account

Yes

For individually owned accounts, the applicable transfer process (formal probate or

small estate process) generally determines when an account will be closed. The person

authorized to handle the estate will need to present the state-specific documents

establishing their authority.

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Things to know

Product information

Here are some product-specific scenarios that may impact the estate settlement process by taking additional time to resolve

and/or require additional documentation.

• Safe deposit box. Maintenance is processed in the financial center that houses the safe deposit box.

– The decedent’s name can be removed from joint rented boxes, or the boxes can be closed at the request of the joint renter.

– A single rented safe deposit box will require documentation showing approval to view, collect the contents and close the box.

Document requirements vary state by state.

– Documentation presented to us to close the account needs to be for the state where the box is physically located, regardless

of the deceased person’s residence.

• Credit cards. If the credit card account is closed in connection with the death of the account holder, all cards linked to the

account will be closed.

– If there is an outstanding balance on the credit card account, we will seek payment from the assets of the decedent’s estate

and will not attempt to collect the debt from the authorized estate representative individually.

– Rewards eligible for redemption may be redeemed if requested by an authorized representative of the estate, unless there is

at least one surviving accountholder on the account.

– If there is no surviving accountholder, the authorized representative of the estate, as determined by us, must request redemption

of any rewards. If there is a balance on the account at the time of the request, the authorized representative of the estate

must indicate that the account balance will be paid in full, and redemption will not occur until such payment is made.

– The request for redemption and payment of any outstanding balance on the account must occur within 57 days from the

date that account changed to deceased status. Payments can be accepted by Credit Card Payment/Estate Recovery

at 888.221.4299.

– Rewards will be redeemed in the name of the deceased account holder and if mailed, rewards will be sent to the address

we have on file for the deceased account holder.

– Redemption eligibility depends on the final status of the credit card account(s), is subject to the account being paid in full and

is in our sole discretion.

– If there is a credit card balance on the account, we will refund the credit balance within seven business days from receipt of a

written request from the authorized representative of the estate. If no request is received, we will make a good faith effort to

return any credit balance remaining on the account within six months.

• Mortgages and Home Equity Lines of Credit (HELOC). To communicate

with the Home Loans department about a deceased borrower’s account details,

an authorized user must be added. The party requesting to be added as an

authorized user or successor in interest must send a written request to

BankofAmerica’s Name & Title Change unit. To discuss letter requirements

and/or answer any questions you may have, contact Mortgage Servicing

at 800.669.6607 or HELOC Servicing at 866.406.8426.

Tip

Mortgages and HELOCs that are in

the name of joint borrowers and set

up with an auto payment plan are

subject to cancellation due to the

death of one of the borrowers.

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• Auto/boat/RV loans

– For questions about auto, boat or RV loans, contact us at 877.243.5796.

– If the account is or becomes past due, we reserve the right to exercise the remedies available to us under the agreement

signed by the decedent, or pursuant to applicable law.

• Individual Retirement Account (IRA). Distribution of funds are

determined based on the existence of entitled beneficiaries and will include

the option of receiving a lump sum distribution or moving the funds into an

inherited Money Market IRA.

For traditional IRA distributions, federal and/or state taxes may be withheld

at your request:

– If we are paying out to the decedent’s estate, follow the state guidelines

for probate or small estate (same as other deposit accounts).

– If we are paying out to a named beneficiary, we require a photocopy of

the death certificate and a bank Beneficiary Distribution Election Form.

• Business accounts, including but not limited to limited liability

company, corporation and partnership

– All business account needs, such as transfer of business ownership and

account or product changes, are handled at one of our financial centers

or over the phone by our dedicated Small Business Banking teams.

– Documents for the business changes (which may include articles of

incorporation, meeting minutes or a partnership agreement) will need

to be presented. Documents vary by state, type of legal formation

and ownership structure.

Things to know

Product information, continued

Tip

We recommend contacting a financial

advisor and/or a tax advisor to ensure you

are making the best decision based on

your financial profile.

Tip

Schedule an appointment with one of

our local Small Business Specialists at

bankofamerica.com/appointments

or contact Small Business Servicing at

888.287.4637 to discuss your

specificsituation.

Tip

Don’t delay when it comes to UTMA or

UGMA account changes. Visit a local

financial center as soon as possible,

because there may be a 60-day window

after the date of the custodian’s passing

to make changes in certain situations

(depends on the age of the minor). Once

you update the title, we strongly advise

you to complete a successor custodian

form so it is on file in the event the new

custodian can no longer act.

• Uniform Transfers Minor Acts Accounts (UTMA or UGMA)

– These deposit accounts are set up for minor beneficiaries with

a custodian.

– A successor custodian must be appointed even in situations where

the minor is of age.

– Age of majority, rules and regulations vary state by state.

• Prepaid cards. Please contact the card servicing number located

on the back of the card to get information on how to proceed with

collecting the funds.

• Financial services for military members. The federal Servicemembers

Civil Relief Act and comparable state laws afford protections and benefits

to eligible military service personnel, including protections related to

repossession and foreclosure as well as interest rate relief. For additional

information and to determine eligibility, please call our Enterprise

Military Benefits Unit at 877.345.0693.

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Reference materials

Useful terms and definitions

This responsibility and experience may be a first for many. Review the following terms for a more thorough understanding of the

processes explained throughout this guide.

Apostille: A certificate that authenticates the signature of

a public official on a document for use in another country.

EIN number: Employer Identification Number issued by

the IRS, commonly used by employers to report taxes.

Estate: The assets and liabilities left by the decedent.

Fiduciary: A person who has been entrusted with the

responsibility to manage the assets or rights of another

person. May be referred to as a guardian, conservator,

executor or administrator, trustee, representative payee,

custodian or, in some cases, an attorney-In-fact (agent).

Last will and testament: A legal document in which a

person includes instructions for the distribution of his or

her property and possessions after death.

Letters of administration: Court documents obtained

by the person or corporation appointed by a court to settle

the estate of a deceased person if no valid will can be

found or if there is a will and the named fiduciary does

notserve.

Letter of instruction: A document completed and

signed by the beneficiary, successor, affiant or court-

appointed representative of the estate providing specific

instructions on how to disburse the remaining money in

anyaccounts.

Letter Testamentary: Court documents obtained by

the executor/executrix confirming his or her appointment

as the personal representative with authority to settle

anestate.

Power of Attorney: A legal document that designates

another to act on behalf of the account owner (the principal)

and is valid only during that account owner’s lifetime. The

power to act ends with the account owner’s death.

Probate: The legal process of collecting the assets of a

deceased person to pay any liabilities remaining on the

person’s estate, then distributing the remaining assets

according to the will, or state law if no will exists.

Residence: Official place of residence (based on what

state of residence is listed on the death certificate).

Small estate affidavit: In some states, based on the

size of the estate, this legal document can be used to

claim or disburse assets without having to go through

formal probate. The threshold for what meets the “small

estate” guideline and who qualifies to use this process

varies from state to state.

Successor in interest: Person who indicates theyhave

interest or rights to property under a mortgage with

BankofAmerica.

U.S. Treasury Gold Book: A guide issued by the

U.S. Treasury to govern check reclamation. Check

reclamation is a recovery procedure used by the

Bureau of the Fiscal Service to obtain refunds

(reclamations) from a presenting financial institution

for paid U.S. Treasury checks.

U.S. Treasury Green Book: The Green Book is a

comprehensive guide for financial institutions that receive

ACH payments from and send payments (i.e., collections)

to the federal government.

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Reference materials

Estate roles and responsibilities

Review the following definitions to better understand your potential role in the settlement of our customer’s accounts.

Administrator: The person or corporation appointedby

acourt to settle the estate of a deceased person if

novalid will can be found or if there is a will and the

named fiduciary does not serve.

Authorized User: A person who has been given

permission by the account holder to use the credit card

account, but is not liable for the debit resulting from

suchuse.

Beneficiary: Person or persons who receive the assets

of an estate after all debts are satisfied. Also, a person

named in an informal trust as In Trust For (ITF) or Payable

on Death (POD) beneficiary on bank records.

Executor/executrix: Person or corporation named in

the decedent’s will to settle the estate and approved

by the court to serve as such.

Personal representative: The person or corporation

appointed by a court to settle the estate of a deceased

person if no valid will can be found or if there is a will

andthe named fiduciary does not serve.

Successor trustee: An individual person or member

of a board given control or powers of administration of

property in trust once the current trustee(s) can no longer

serve with legal obligation to administer it solely for the

purposes specified.

Trustee: An individual person or member of a board given

control or powers of administration of property in trust

with legal obligation to administer it solely for the

purposesspecified.

Need more information?

Call us at 888.689.4466, Monday through Friday 9 a.m. – 8 p.m. Eastern

or visit bankofamerica.com/estateservices.

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