Bank Accounts

What is to be done with bank accounts after a death varies regionally.  In some regions, bank accounts are automatically frozen after a death.  To avoid any complications, the bank should be notified immediately, and you should find out the procedures for releasing these funds as well as how to set up a new account for funds received after the death.  It’s recommended that a joint account stay open for at least six months to allow you to deposit any checks that are made out to the deceased.  To take a name off a joint bank account, banks require a Certified Copy of a Death Certificate.  If the deceased had a safety deposit box in a bank, the contents can be sealed after death and a Certified Copy of a Death Certificate will be required to gain access to the contents.

TRANSFERRING /CLOSING of ACCOUNTS

Sole ownership accounts with no designated beneficiary must be included in probate proceedings and will or may require:

  • A certified death certificate for each company
  • Short certificates dated within 60 days and issued by the Register of Wills after either will has been probated or letters of administration have been issued
  • Affidavit of Residence
  • Stock Certificates: the executor or administrator must sign all certificates and have the signature guaranteed

The tax information and estate planning information contained herein is general in nature, is provided for informational purposes only, and should not be construed as legal or tax advice. Bartron-Myer Funeral Home, Inc., does not provide legal or tax advice. Bartron-Myer Funeral Home, Inc., cannot guarantee that such information is accurate, complete, or timely. Laws of a particular state or laws that may be applicable to a particular situation may have an impact on the applicability, accuracy, or completeness of such information. Federal and state laws and regulations are complex and are subject to change. Changes in such laws and regulations may have a material impact on pre- and/or after-tax investment results. Bartron-Myer Funeral Home, Inc., makes no warranties with regard to such information or results obtained by its use. Bartron-Myer Funeral Home, Inc., disclaims any liability arising out of your use of, or any tax position taken in reliance on, such information. Always consult an attorney or tax professional regarding your specific legal or tax situation.