|Posted:||July 13, 2021 10:29 AM|
|From:||Representative Timothy R. Bonner|
|To:||All House members|
|Subject:||Decedent Bank Account|
|If a person dies having $10,000 or less with any bank or credit union, the financial institution can release the funds to prioritized relatives without the necessity of probate proceedings provided that the funeral bill has been satisfactorily addressed. Please refer to 20 Pa.C.S. §3101(b) for the statutory language.
The statute setting the $10,000 limit was passed in 2013. The proposed legislation would increase the limit from $10,000 to $20,000 which could be paid to the prioritized relatives. With the passage of 8 years since the limit was last increased, this legislation would update the current allowance and permit prioritized relatives to obtain the funds without the need for costly probate costs and attorneys fees for such a limited amount of funds.
This legislation will reduce the financial and emotional burden that the family is undergoing with the death of a loved one by allowing quick access to the decedents’s bank funds to address estate expenses and family needs without incurring added court costs and legal fees.
I hope you will join me in co-sponsoring this legislation.
Introduced as HB1822