{"id":3552,"date":"2016-12-16T05:00:35","date_gmt":"2016-12-16T13:00:35","guid":{"rendered":"http:\/\/www.imortuary.com\/blog\/?p=3552"},"modified":"2016-11-24T07:49:46","modified_gmt":"2016-11-24T15:49:46","slug":"what-happens-to-a-bank-account-when-someone-dies","status":"publish","type":"post","link":"https:\/\/www.imortuary.com\/blog\/what-happens-to-a-bank-account-when-someone-dies\/","title":{"rendered":"What Happens to a Bank Account when Someone Dies?"},"content":{"rendered":"\n
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What Happens to a Bank Account when Someone Dies?<\/p><\/div>\n

One of the most difficult tasks to undertake in the days and weeks (and sometimes months) following the death of a loved one is to close and\/or manage their bank accounts. Unless your name is listed on the account (because you are the spouse of the deceased or because advance arrangements were made), you will have to go through a few hoops and hurdles to get all the accounts settled.<\/p>\n

Even though you may need this money to cover funeral expenses, it is important to avoid writing checks in the deceased’s name or using their ATM card to access funds. This money is meant to go through the deceased’s estate first, which means that only the executor to the estate should be the one accessing it.<\/p>\n

Joint Accounts and Trusts<\/strong><\/p>\n

The easiest way to handle the bank accounts of the deceased is to have a second name on the account prior to death. A spouse who shares a bank account often only has to show a death certificate and fill out a few forms to have the other name removed. The same is true of an adult child or other trusted family member who was added to an account while the deceased was still alive.<\/p>\n

Trusts are another way to handle this sort of situation. Usually reserved for larger savings accounts or other estate-like settlements, putting the money into a living trust means that the trustee named can show a death certificate and take over the account.<\/p>\n

Releasing Funds for Distribution<\/strong><\/p>\n

In the event that no advance plans were made to handle the bank account, it will be up to the family lawyer or executor to the estate to handle the details. This will include:<\/p>\n