Closing the Bank Account of a Loved One

By: Matthew Funeral Home
Monday, May 21, 2018


When death occurs in the family, there are a lot of moving parts and important paperwork to keep track of. It is important to make sure that the monetary assets in the bank accounts of your loved one are taken care of as well. Knowing what you need to prepare for each account type will make the account transference smoother when the time comes. 

An Account in their Name

Bank accounts owned solely by your loved one can be held upon death. Unless a Payable-on-Death (POD) beneficiary was named by your loved one before their passing, the account will need to go through a probate period before it can be opened. The beneficiary would then need to have a copy of your death certificate and their ID. Without naming a one, your loved one’s account would be left to an heir in the will. The heir will require a Letter of Testamentary from the probate court. A Letter of Testamentary will name for the executor of the account, and will be filed by the bank.

Payable-On-Death Beneficiary

If your loved one named you as a POD beneficiary, this means that you will have the ability to access their funds as soon as a death certificate is made available to you. This is often done by account holders to assist their families in paying for funerals, or accessing money for bills. 

Jointly Owned Accounts

If you share a bank account with them, one of two things may happen to the account. With a Rights of Survivorship account, you become the sole user if your partner passes. In the event that the account does not secure Rights of Survivorship, the co-owner, upon death may name a beneficiary to take their place. 
If the account documents do not specify if the account is a tenancy account, or if the Rights of Survivorship are not stated, contact the bank. Some banks leave these out on account creation, and sometimes they are implied. Be sure to meet with someone at the bank to go over the account details, and to make sure that they reflect your and your partner’s wishes.

Living Trusts

If a living trust was set up by your loved one to provide funds to the family for after they pass, it can be opened upon death. There may be restrictions on withdrawals and what the money can be used for, so be sure to meet with your loved one’s bank and/or estate lawyer for the details. Many people set up living trusts to help their families pay for funeral costs, the mortgage, and more after their passing. Upon death, the funds in the trust can be transferred to the heir by the successor trustee, without the need for probate.

For almost 50 years, Matthew Funeral Home has been serving the Staten Island community. We can help with almost every aspect of your loved one’s memorial service. Our family is here to serve yours, every step of the way.

Leave a comment
Name*:
Email:
Comment*:
Please enter the numbers and letters you see in the image. Note that the case of the letters entered matters.

Comments

Please wait

Previous Posts

How to Choose a Good Funeral Home

When a loved one passes, or when pre-planning your own funeral, it is important to choose a funeral home that you are comfortable with. While dealing with the loss of a loved one, planning a funera...

Talking to Your Children About Cancer

    When a loved one is diagnosed with cancer, it can be hard for the whole family to process. But if you have young children, you may have to approach the news differently. The conc...

Why do People Look Different In the Casket?

When attending a funeral for a loved one, it is not uncommon for people to think that the body in the casket looks a bit different from their loved one. The reason for this is both real and psychol...

Tips for Grieving During the Holidays

The holiday season is here. For many, it is a light at the end of shorter days and cold, blistering nights. But when dealing with the loss of a loved one, the holidays can sting. Celebrating a holi...

Winter Safety for the Elderly

Winter is almost here, and with cold weather comes safety risks for elderly individuals. Between icy paths and freezing temperatures, it can be important to help your older loved ones stay safe in ...

Memorial Services for Veterans

As Veteran’s Day approaches, we wanted to share information on veteran memorial services and funerals. A big part of planning a funeral for veterans or servicemembers is the memorialization of thei...

Choosing a Casket for Your Loved One

Choosing a casket is an important part of the funeral process. Many families choose the casket after their loved one has passed, but some people choose their casket ahead of time. This article will...

Grief and Tragic Backstories in Media

From superheroes to romantic comedies, many movies and TV shows rely on tragedy to help us connect or sympathize with characters. Grief of some form, or a tragic past leads a character on a path. E...

Alcohol Use and Coping with Grief

While in grief, many people turn to things that can comfort or distract them. It is not uncommon for some people to reach for alcohol in this way. For many people, alcohol can serve as a way to avo...

Apathy and Grief

On this blog, we often talk about how grief is a complicated emotion, and how everyone experiences it differently. However, we don’t often talk about grief and apathy. Apathy is a state of numbness...