When a person dies, all assets need to be retitled or moved into an account that allows the executor of the estate to pay creditors of the estate and release assets to beneficiaries. This process is referred to as "executing the estate." Only the executor can legally transfer assets and move the money after someone has died. Banks will generally place a freeze on a bank account when notified of a customer's death until the proper documentation is provided by the estate executor.
Go to the county vital records department or the coroner's office to obtain a certified death certificate. Copies will not suffice when dealing with probate courts or banks. Expect to pay a nominal fee per copy.
Obtain the executor's judgment. This document is provided by probate court or by guidelines explained in a family trust that state who is taking care of the estate assets and liquidation. Family trusts eliminate the need to go to probate court and help save time and money.
Go to the bank with the death certificate and documentation stating you are the executor. Explain to the customer service representative that you need to freeze the deceased's accounts and transfer the money into an "estate account."
Tips
If you are concerned with non-authorized individuals accessing funds from a deceased estate, it is wise to notify the bank immediately of the death while you are in the process of getting the death certificate and the executor paperwork.
References
- University of Maryland: Probate and the Executor of a Will
- Judicial Council of California. "Wills, Estates, and Probate - What Is 'Probate'?" Accessed April 27, 2020.
- Mergen Law LLP. "Definition: Executor and Executrix." Accessed April 27, 2020.
- Superior Court of California, County of Santa Clara. "What if There Is No Will?" Accessed April 27, 2020.
- Superior Court of California, County of Santa Clara. "How Long Does Probate Take?" Accessed April 27, 2020.
- Superior Court of California, County of Santa Clara. "Does the Court Supervise the Personal Representative?" Accessed April 27, 2020.
- Office of the Executive Secretary, Supreme Court of Virginia. "Probate in Virginia - What Are the Basic Duties of an Executor or Administrator?," Pages 4-5. Accessed April 27, 2020.
- New York State Unified Court System. "Probate." Accessed April 27, 2020.
- Superior Court of California, County of Santa Clara. "When Can a Will Be Contested?" Accessed April 27, 2020.
- Judicial Council of California. "Wills, Estates, and Probate - Step 1: Figure Out Who Will Be the Estate Representative." Accessed April 27, 2020.
- California Legislative Information. "Probate Code §8461."Accessed April 27, 2020.
- Alaska Court System. "Letters of Administration and Letters Testamentary." Accessed April 27, 2020.
- Alaska Court System. "Are Individuals and Businesses Protected if They Deal With the Personal Representative?" Accessed April 27, 2020.
- Alaska Court System. "How Do I Find Property Owned by the Person Who Died?" Accessed April 27, 2020.
- Superior Court of California, County of Santa Clara. "What Does the Personal Representative Do?" Accessed April 27, 2020.
- Alaska Court System. "How Do I Manage Financial Accounts and Cash?" Accessed April 27, 2020.
- Alaska Court System. "Inventory of Property, P-370." Accessed April 27, 2020.
- Alaska Court System. "What Is the 'Information to Heirs and Devisees?'" Accessed April 27, 2020.
- Judicial Council of California. "Wills, Estates, and Probate - Step 2. As Estate Representative, Start Gathering Information and Fulfilling Your Duties." Accessed April 27, 2020.
- Federal Trade Commission. "Debts and Deceased Relatives." Accessed April 27, 2020.
- Superior Court of California, County of Santa Clara. "How Do Creditors Get Paid?" Accessed April 27, 2020.
- Alaska Court System. "How Do I Reject a Claim?" Accessed April 27, 2020.
- Alaska Court System. "What Happens After I Send the Notice of Disallowance?" Accessed April 27, 2020.
- Legal Information Institute. "26 U.S. Code § 2032. Alternate Valuation." Accessed April 27, 2020.
- Internal Revenue Service. "Estate Tax." Accessed April 27, 2020.
- Tax Foundation. "Does Your State Have an Estate or Inheritance Tax?" Accessed April 27, 2020.
- Superior Court of California, County of Santa Clara. "How Are Taxes Handled in Probate?" Accessed April 27, 2020.
- Alaska Court System. "Do I Have to File a Federal Income Tax Return for the Person Who Died?" Accessed April 27, 2020.
- Superior Court of California, County of Santa Clara. "What Must I Do to Close the Estate?" Accessed April 27, 2020.
- Alaska Court System. "Does the Personal Representative Have the Right to Be Paid?" Accessed April 27, 2020.
- Superior Court of California, County of Santa Clara. "If I Serve as Executor, Will I Get Paid?" Accessed April 27, 2020.
Tips
- If you are concerned with non-authorized individuals accessing funds from a deceased estate, it is wise to notify the bank immediately of the death while you are in the process of getting the death certificate and the executor paperwork.
Writer Bio
With more than 15 years of professional writing experience, Kimberlee finds it fun to take technical mumbo-jumbo and make it fun! Her first career was in financial services and insurance.