N.J. Admin. Code § 18:26-11.18

Current through Register Vol. 56, No. 21, November 4, 2024

Section 18:26-11.18 - Funds held in bank accounts

(a) Bank accounts: Where funds are held on deposit in any bank to the credit of a person and payable on the death of such person to a named beneficiary, upon the death of the named beneficiary, no waiver is required to transfer or release the funds to such person, however, a waiver is required to transfer or release such funds to the beneficiary upon the death of the principal.

(b) Double dollar accounts: Where, upon the death of a decedent having funds on deposit to his credit, individually, in a joint account with right of survivorship or trustee account, in a banking institution located in New Jersey, there is credit to the account the proceeds of a life insurance contract, the consent of the director is required to release the amount on deposit after credited thereto the proceeds of the life insurance policy. In order to determine the taxability thereof, the type of account is to be indicated on the return.