Guest post by Marie Nelson
Nowadays getting loans have become quite simple. You can get easy loans online whenever you want. However, getting the money from the bank account after a close one has died isn’t that easy. There are a lot of confusion in the minds of people about what happens to the bank account when a person passes away. There are various situations that can arise. Here is a simple guide that can help you recover money from such an account in different such situations..
- If the account was a jointly held one then you can go to the bank and request for the money. In case you are the other named account holder then you wouldn’t have any difficulties accessing the money. The process would be similar to a standard situation since you possess equal rights to the money. You can also remove the name of the deceased individual from the bank account by giving the bank a death certificate.
- You have to give the bank the death certificate and proof of probate. Now in case the deceased individual has left a will, the money in the bank account will become a part of the estate. In that case, access to that money can be done only by the executor of the will as a part of the probate process. This will be done after the approval of the will by the court and distribution of all assets mentioned in it. If you are functioning as executor of estate then you would be required to bring such documents which shows your rights to collect the money. This would general include your identification, documents of courts which will show that the will was probated and a death certificate.
- Along with the death certificate you need to bring the intestacy documents to the bank. In case the person who passed away had died intestate or without leaving behind a will, then the intestacy rules of the state determines how the assets should be distributed. The court makes the decision. You have to bring the formal court decree to the bank and declare that you happen to be the rightful heir to the money in the bank account. Also, you need to bring your identification proof to show that you are the person mentioned in the decree as the legal heir.
- In case the account was small and the statutory waiting period has passed, then you have to bring proof to the bank that you are next of kin and also show a death certificate. If the account are small then these two proofs are sufficient. However, you have to wait out the statutory waiting period that has been determined by the state before you can access such a document. Some banks have other requirements for proving you are next of kin. Thus you should call up the bank and ask for the requirements and gather them during the wait. Necessary documents are birth certificate and identification.
Thus you can see how you can take money out from the bank account of a person who has passed away in different situations.