One of the first questions we receive from families when a loved one dies, is who can access the decedent’s bank account to pay bills or to see what is being drafted from the account. This question is not one that is easily answered, because whether the account will be frozen by the bank until a probate is underway or if someone will immediately have access to the account depends on (1) how the account is titled, i.e., was it an individual account, jointly titled, or titled in a trust, and (2) whether the deceased had named a beneficiary on the account.
The following is a look at the various options:
- If the account is a joint account, the surviving owners will continue to have access to the account and receive the funds in the account.
- If the account has two or more surviving owners, the survivors get their respective ownership, plus they equally divide the decedent’s funds. The surviving parties retain their right of survivorship.
- If the account is a payable on death (P.O.D.) account and not jointly titled, the funds will go to the person named on the account. The Will does not override the named beneficiaries on the account. In the event the beneficiary is not living, a look at the contract with the bank is necessary to determine if the named beneficiary’s descendants receive the funds, if a contingent beneficiary was named or if the deceased’s estate and therefore the Will will control the account.
- For trust accounts, the trustee retains access to the account, or if the trustee is not living, the successor trustee can assess the account once proving he or she is now the trustee. The trustee can then distribute the funds per the terms of the trust.
- If the account was a joint account and the decedent is the last one on the account, and the decedent does not list any P.O.D. or beneficiaries, the money goes to the decedent’s estate and is controlled by the Will.
- Finally, if the account was solely owned with no named beneficiary, the money goes to the decedent’s estate and is controlled by the Will.
If you have any questions about who is entitled to a decedent’s bank account, contact Grissom Law, LLC today at 678.781.9230.
Disclaimer
This Blog/Web Site is made available for educational purposes only as well as to give you general information and a general understanding of the law, not to provide legal advice. By using this blog site you understand that there is no attorney-client relationship between you and Grissom Law, LLC.