18:26-11.8 Transfers to savings accounts without a waiver

N.J.A.C. 18:26-11.8 (2014)
§ 18:26-11.8 Transfers to savings accounts without a waiver

   (a) Funds of a decedent on deposit in a checking account in any bank may be transferred to an interest bearing account in the same bank in the name of the decedent or his estate without obtaining a waiver.

(b) Funds of a decedent on deposit in an Individual Retirement Account (IRA) and/or Keogh retirement plan account may be transferred to another account in the same bank without obtaining a waiver.

(c) Any certificate of deposit or any type of a preferred account containing funds of a decedent may be transferred to another account in the same bank without obtaining a waiver.

(d) The transfers permitted in (a) through (c) above are subject to the requirement that the banking institution promptly file a notice with the Transfer Inheritance and Estate Tax Section of the Individual Tax Audit Branch, PO Box 249, Trenton, New Jersey, 08646-0249, containing the following information:

1. Decedent's name;

2. Date of death and domicile;

3. Name and address of executor or administrator of estate;

4. The account number, or certificate number, sought to be transferred and the balance on deposit or the maturity value as of the date of death.

(e) In any event, the bank is required to retain the same control over the substituted account as the original account until the New Jersey Inheritance Tax and the New Jersey Estate Tax are provided for and paid.