When someone passes away, families often need to manage bills, funeral expenses or ongoing costs. Accessing bank accounts is an important step, but the bank cannot release funds until the legal requirements are met. What happens next depends on how the account was set up.
Step 1: Find out how the account is owned
Not all accounts follow the same rules. The ownership structure determines who can access the money.
- Joint accounts with right of survivorship: The surviving joint owner usually becomes the full owner automatically. These funds do not go through probate.
- Accounts with named beneficiaries (POD or TOD): A “pay-on-death” or “transfer-on-death” beneficiary can receive the funds directly once the bank receives a death certificate.
- Individual accounts with no beneficiary: These funds cannot be released until the probate court appoints an executor or administrator. The bank needs legal authority before sharing any information or releasing money.
A probate attorney can help you understand which category applies and what steps to take next.
Step 2: Obtain the death certificate
Banks require an official death certificate before providing account details or making any changes. It is best to request several certified copies, as many institutions ask for originals.
Step 3: Determine if probate is necessary
For accounts without a joint owner or beneficiary, the court will need to appoint a personal representative. Once appointed, this person receives Letters Testamentary (if there is a will) or Letters of Administration (if there is no will). These documents allow them to:
- Access the deceased person’s accounts
- Pay outstanding bills and debts
- Collect money owed to the estate
- Distribute funds to beneficiaries
Understanding whether probate is a must can make it easier to handle financial tasks and keep the estate moving forward smoothly.
Step 4: Open an estate account
The personal representative will usually open an estate account to manage the funds properly. To do this, they will need:
- A certified death certificate
- Letters Testamentary or Administration
- An EIN (tax ID number) for the estate
The estate account keeps payments and distributions organized during the probate process.
When to get legal guidance
Every situation is different, especially if there are multiple accounts, unclear beneficiaries or family disagreements. Speaking with a probate attorney can help you understand the next steps and make sure the estate is handled correctly.