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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
notserve.
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
anyaccounts.
Letter Testamentary: Court documents obtained by
the executor/executrix confirming his or her appointment
as the personal representative with authority to settle
anestate.
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 theyhave
interest or rights to property under a mortgage with
BankofAmerica.
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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