Affidavit for Collection of Personal Property of Decedent

An Affidavit for Collection of Personal Property of the Decedentmust include the following statements:Download

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M	ontGuide	
 MT200301HR Revised 2/17	
How to provide your children's physical and financial care in case of you or your 
spouse's death. Includes special instructions concerning handicapped and step-
children.
by Marsha A. Goetting, Ph.D., CFP	®, CFCS, Professor and Family Economics 	
Specialist, Montana State University
Accessing a Deceased 
Person's Financial Accounts	
WHEN A MONTANA RESIDENT DIES, STATE LAW 
provides a process for determining who is legally entitled to 
inherit his/her financial accounts with banks, credit unions, 
savings banks, or other entities such as brokerage firms and 
stocks or bonds companies. The purpose of this MontGuide is 
to briefly describe how heirs (	successors	) can acquire a decedent’s 	
(deceased person’s	) financial accounts under Montana law when 	
the following circumstances exist: 
1. When the decedent’s account is owned jointly with     
other individuals;
2. When the decedent was the only owner on the account 
and had designated one or more beneficiaries; and
3. When the decedent was the only owner on the account 
and no beneficiary was designated.
Montana property and contract laws, and provisions under 	
the Montana Uniform Probate Code, dictate who becomes the 
legal successor(s) of the accounts above.
Procedures
When an individual who claims to be a successor approaches 
a financial institution to request money in an account or 
securities owned by the decedent, a representative of the financial 
institution will review the account documents that were signed by 
the decedent when the account was established.	
Was the account jointly owned by the decedent with others 	
and, if so, what are their names? Did the joint account indicate 
right of survivorship	 or 	without right of survivorship	 on 	
the form? Did the joint account have a 	payable on death	 	
(POD) beneficiary designation or 	transfer on death	 (TOD) 	
beneficiary registration? 	
If the decedent was the sole owner, did he/she make a 	
payable on death (POD) beneficiary designation or transfer on 
death (TOD) beneficiary registration? 	
The answers to these questions will help the financial entity 	
determine who is entitled to the funds in the account.
Multiple party account with right of 
survivorship	 (Joint tenancy accounts)	
Under the Montana Uniform Multiple-Party Accounts Act, 
an account owned by more than one person is known as a 	
Multiple-Party Account	. This type of an account is owned jointly 	
by all parties. 	
If the decedent owned the account with other individuals 	
with right of survivorship (	the most common form of joint 	
ownership	), the surviving individuals can legally remove the 	
money. Each owner has the power to make transactions or 
withdraw the total amount on deposit according to the deposit 
account agreement. 	
Upon the death of a joint owner, ownership of the account 	
transfers to the surviving joint owner(s) regardless of any 
provisions the decedent may have made in a written will. 
Example:	 Debbie states in her will that she bequeaths all 	
property to her niece, Bethany. However, Debbie has a 
certificate of deposit (CD) in joint tenancy with her son, 
Chris. Chris will recieve the CD because of the joint tenancy 
with right of survivorship title. If Debbie wants Bethany 
to become the beneficiary of the CD she needs to remove 
the name of Chris as a joint owner. Once the change is 
accomplished, Debbie’s written will controls who receives the 
CD upon her death.
If a dispute arises between the surviving joint owners 	
regarding withdrawals or transactions made by one of the 
owners, that disagreement is between the owners and not the 
financial institution holding the account.	
Multiple party accounts without rights of survivorship 	
are not common and are beyond the scope of this 
MontGuide. Further information is available in the MSU 
Extension Montguide, Dying 	Without a Will in Montana 	
(MT198908HR	). Also, an interactive website illustrating how 	
a deceased person's estate is distributed when a Montanan 
passes away without a will is at available at 	www.montana.edu/	
dyingwithoutawill	.	
Single party account with POD or TOD 
beneficiary designations 
If the decedent was the sole owner of an account and made a 
payable on death	 (POD) beneficiary designation, then under 	
Montana law the POD beneficiary is entitled to the funds. 
While the sole owner is alive, the POD beneficiary does not 
have ownership or access to the account.

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Before the financial entity will release the funds, the POD 	
beneficiary will be required to present the decedent’s certified 
death certificate and the beneficiary's proof of identification. 
Typically, most financial institutions will require an unexpired 
government-issued photo identification, such as a driver’s 
license, passport or state-issued ID that is available at the 
driver’s license office. 	
If more than one POD beneficiary is designated on the 	
account, the financial institution will split the money equally 
among the beneficiaries. 
Example:	 Jim established a $50,000 share certificate at his local 	
credit union. The account was in his name only, with his five 
children listed as POD beneficiaries. Upon his death each 
child received one-fifth of the $50,000, or $10,000 apiece.
The beneficiary on a POD account receives the funds 	
regardless of any provisions the decedent may have had in a 
written will. 
Example:	 Bernie has a small savings account, with her son and 	
daughter listed as the POD beneficiaries. Bernie states in her 
will that she bequeaths all property to the Montana State 
Alumni University Foundation. Bernie will need to remove 
her son and daughter as the POD designees if she wants 
her written will to control the distribution of her savings 
account. Bernie could also change the POD designation 
from the names of her son and daughter to the Montana 
State Alumni University Foundation. 
A transfer on death	 (TOD) registration on securities – such 	
as stocks, mutual funds, money market funds, and corporate or 
municipal bonds – achieves what the POD designation does for 
funds deposited at banks, savings and loans, and credit unions. 
In other words, the securities pass to the TOD registrant 
once the individual presents proof of identification and the 
decedent’s certified death certificate. 	
The beneficiary on a TOD account receives the securities 	
regardless of any provisions the decedent may have had in a 
written will. 
Example:	 Barbara has securities on which she has designated 	
her brother, Charles, as the TOD beneficiary. In her written 
will, she has bequeathed all property to her sisters. Her two 
sisters will not receive the securities unless she removes her 
brother’s name as the TOD beneficiary. She could name her 
sisters as TOD beneficiaries or she could leave the account to 
her sisters in a will.
Single party account without a POD or TOD 
beneficiary designation	 	
Montana statutes provide procedures for distributing financial 
accounts that were solely owned by a decedent who did not 
make a POD or TOD designation. The procedure used 
depends on whether the decedent’s entire estate minus liens 
and encumbrances, wherever located, is valued at 	more than 	
$50,000, or $50,000 or less	.	
Example:	 Sandy died owning a vehicle valued at $25,000 that 	
had a $12,000 lien held by the bank on the title. The value of 	
the vehicle for inclusion in the estate is $13,000 ($25,000 - 
$12,000 = $13,000).
The value of an estate of the decedent is established as of 	
the date of death. When calculating the value of the estate 
(for purposes under the Multiple Party Account Act), the 
following are not included: multiple party accounts with right 
of survivorship, single party accounts with POD or TOD 
beneficiaries, and any other property held in joint tenancy with 
right of survivorship that entitles the surviving owners to the 
property on the death of one of the owners. Consult an attorney 
to determine if there are other assets that could also be excluded, 
as type of assets varies from individual to individual. 
Procedure for estates with values over $50,000 
If the decedent’s entire estate, minus liens and encumbrances, is 
valued at over $50,000, the funds in the accounts are considered 
part of the estate and the accounts are distributed to the legal 
heirs through probate. 	Probate	 is the legal process of settling an 	
estate and distributing the decedent’s real and personal property 
to the legal heirs.	 	
The probate process is usually initiated by a member of the 	
decedent’s family or an attorney, who notifies the district court 
in the county where the decedent had lived. When a personal 
representative needs to be appointed, the clerk of the court or 
district judge appoints one as provided for in the decedent’s 
will or, if there is no written will, from a priority list provided 
in Montana statutes. The court issues “Letters” that are used by 
the personal representative when he/she collects the decedent’s 
real and personal property for distribution to the heirs. 	
Once the decedent’s property is collected, it is distributed by 	
the personal representative to the successor(s) according to the 
decedent’s written will, or if the decedent had no will according 
to Montana’s law of intestacy (dying without a will). 	
When the decedent’s entire estate is valued at more than 	
$50,000, the personal representative must provide the financial 
entity with a copy of the “Letters” and identification to collect 
funds in a single party account without a TOD or POD 
beneficiary designation. Multiple party accounts with rights of 
survivorship and single party accounts with POD beneficiary 
designations are not part of the probate process. These assets are 
distributed as explained previously. 	
Additional examples of property distributed outside the 	
probate process include: property held in trust; life insurance 
payable to a named beneficiary other than the estate; assets in 
a pension plan; POD Beneficiary designations; and transfer on 
death (TOD) registrations on securities and securities accounts. 
These properties pass to the successors designated in the contracts.
Procedure for estate values of $50,000 & less
 If the decedent’s entire estate, minus liens and encumbrances, 
is valued at $50,000 or less, Montana law provides for a 
simplified procedure without probate or appointment of 
a personal representative. The financial entity can release 
the decedent’s funds to a successor who presents proof of 
identification, the decedent’s certified death certificate, 
and an 	Affidavit for Collection of Personal Property of

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the Decedent	 (see page 4). The form is also available 	
to download at 	www.montana.edu/estateplanning/	
affidavitforcollectionofpersonalproperty.pdf	.	
Because the affidavit is a legal document, successors should 	
obtain competent legal advice from an attorney to prepare one. 
An 	Affidavit for Collection of Personal Property of the Decedent	 	
must include the following statements: 
•  that 30 days have elapsed since the death of the decedent. 
A copy of the death certificate as proof of the date of 
decedent’s death.
•  that no application or petition for the appointment of 
a personal representative is pending or granted in any 
jurisdiction. 
•  that the claiming affiant (the person signing the affidavit) is 
entitled to payment of any sums of money due and owing 
the decedent. The 	affiant	 is the successor either because he 	
or she is designated in the decedent’s written will to receive 
the funds in the account or if the decedent had no written 
will, according to Montana’s law. 
•  a description of the money and/or property and name 
of the institution holding the funds, while not required 
by statute, is helpful for record keeping purposes for the 
affiant and the financial institution.
The 	Affidavit for Collection of Personal Property of the 	
Decedent	 must be signed by the person claiming to be the 	
successor and the signature must be notarized by a notary 
public. The 	Affidavit for Collection of Personal Property of the 	
Decedent	 on the back page meets the requirements under 	
Montana law. 	
After the affidavit, successor’s proof of identification, and the 	
decedent’s certified death certificate are presented, the financial 
institution can disburse the funds to the affiant (successor). 
Some financial institutions may ask the successor to sign an 
indemnity agreement. This agreement releases the financial 
institution from any liability pertaining to the release of funds 
to the affiant.	
If more than one person signs the affidavit, a financial 	
institution will typically make the check payable to all the 
successors jointly so all would have to endorse the check for it 
to be cashed.	
The financial institution is not required to verify the 	
information contained in the affidavit other than assuring that 
30 days must have elapsed between the date of death of the 
account holder and the signing of the affidavit by the successor. 	
Financial institutions paying, delivering, transferring, or 	
issuing personal property under the affidavit are discharged and 
released of liability to the same extent as if they had dealt with 
the personal representative of the decedent. 	
A transfer agent of any security (such as stocks and bonds) 	
is required to change the registered ownership on the books of 
a corporation from the name of the decedent to the name(s) 
of the successor(s) upon presentation of the affidavit, proof of 
identification and the decedent’s certified death certificate. 	
Summary
Montana law provides simplified procedures for successors 
to acquire decedent’s accounts at financial institutions such 
as banks, credit unions, savings and loans, or other financial 
entities, such as brokerage firms and stocks or bonds companies. 	
If the decedent held the account in his/her name and also 	
with another individual(s) with rights of survivorship, the 
surviving joint tenant can legally remove the monies.	
If the financial account is solely owned by the decedent 	
with a payable on death (POD) or transfer on death (TOD) 
designation, then under Montana law the POD or TOD 
beneficiary is entitled to the funds. 	
For single party accounts without a POD or TOD 	
beneficiary designation, if the decedent’s estate (less liens 
and encumbrances) is more than $50,000, probate and the 
appointment of a personal representative is generally required 
before the accounts can be disbursed to the successors. 	
If the decedent’s estate (less liens and encumbrances) does 	
not exceed a value of $50,000, the successor can collect money 
in the decedent's accounts by presenting his/her proof of 
identification, a certified death certificate, and an 	Affidavit for 	
Collection of Personal Property of a Decedent	. 	
Further Information
Montana State University Extension publishes other fact sheets 
written to assist families with estate planning. They are available 
on the Web at 	http://www.montana.edu/estateplanning.	 	
Disclaimer    
This publication is not intended to be a substitute for legal 
advice. Rather, it is designed to help families become better 
acquainted with the procedures under Montana Codes for 
Collection of Personal Property by Affidavit, multiple party 
accounts (joint tenancies), PODs and TODs. Future changes 
in laws cannot be predicted. Therefore, statements in this 
MontGuide are based solely upon those laws in force on the 
date of publication.
Acknowledgment
This MontGuide has been reviewed by members of the 
following professional organizations:
– Business, Estates, Trusts, Tax and Real Property Section: State 	
Bar of Montana	
– Montana's Credit Unions

File under: Family Financial Management (Estate Planning)  	
Revised February 2017   0217SA	
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Affix seal/stamp as close to	  	signature as possible. 	
Affidavit for Collection of Personal Property of the Decedent 	
 
STATE OF MONTANA 
County of	
             	                                                                          	Name of County	 	 Pursuant to Section §72-3-1101 Montana Code Annotated	 	
                 , after being first duly sworn, states that:	 	Successor’s Name  
1.           died on	
       	            Decedent’s Name                                                                                                                               Date of Death  
2.   The value of the decedent’s entire estate, wherever located , less liens and encumbrances, does not exceed 
$50,000. 
 
3.   Thirty (30) days have elapsed since the death of the decedent.  (A certified	
 death	 certificate accompanies this 
Affidavit.) 
 
4.   No application of petition for the appointment of a personal representative is pending or has been granted in 
any jurisdiction.	
 
 
                                                                                                                       	
 
5.   The claiming successor (affiant)	
,         , 	is entitled to the 	 	                                                                         Successor’s Name decedent’s	 interest in the personal property, described as	        	
               Describe asset:  bank account number, insurance policy company number, or stock 	
Affiant has read the foregoing statements and affirms that all of the above are true.  
                   Successor’s Name 
State of Montana  County of	           	 This instrument was signed before me on	       	 by _________________________________________________________________    .       Print name of signer(s) 	
          	        	Notary Signature 
 
[Montana notaries must complete the following, if not part of stamp.]  
 
        Printed Name  
Notary Public for the State of Montana  
Residing at	        	
My Commission expires:       , 20	    	 	
Affix seal/stamp as close to	  	signature as possible.	 	
Affidavit for Collection of Personal Property of the Decedent 	
 
STATE OF MONTANA 
County of             
                                                                          	
Name of County	 	 Pursuant to Section §72-3-1101 Montana Code Annotated	 	
                 , after being first duly sworn, states that:	 
Successor’s Name  	
 
1.           died on        	
           Decedent’s Name                                                                                                                               Date of Death  
2.   The value of the decedent’s entire estate, wherever located , less liens and encumbrances, does not exceed 
$50,000. 
 
3.   Thirty (30) days have elapsed since the death of the decedent.  (A certified	
 death	 certificate accompanies this 
Affidavit.) 
 
4.   No application of petition for the appointment of a personal representative is pending or has been granted in 
any jurisdiction.	
 
 
                                                                                                                       	
 
5.   The claiming successor (affiant)	
,         , 	is entitled to the 	 
                                                                          Successor’s Name 	
decedent’s	 interest in the personal property, described as	        	
               
Describe asset:  bank account number, insurance policy company number, or stock 	
Affiant has read the foregoing statements and affirms that all of the above are true.  
              
     Successor’s Name 
State of Montana  
County of	           
 	
This instrument was signed before me on	       
 	
by _________________________________________________________________    . 
      Print name of signer(s)  
                  
Notary Signature  
 
[Montana notaries must complete the following, if not part of stamp.]  
 
        
Printed Name  
Notary Public for the State of Montana  
Residing at         
My Commission expires:       , 20     
 	
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