What happens to bank accounts when someone dies?
Death is a messy business, and figuring out what happens to someone’s belongings after they pass is never easy. The way their estate is handled counts on a number of things.Execution of WillIf the deceased left a will, there will most likely be instructions on what is to be done with the account or the money in it.Joint Bank AccountsIf the bank account was a joint account, the other individual usually gains complete control of the account. Anything in the account becomes his.Next of KinIn many states, if someone dies without a will her next of kin is notified and becomes sole inheritor of the estate, including any bank accounts.Estate ExecutedSometimes the deceased’s holding will become part of an estate, with the court appointing someone to represent the estate. Until someone is appointed, bank accounts sit in stasis, and after being appointed the estate representative decides what will become of the account.Debt ReliefIf someone dies with unpaid debts, her estate is obligated to pay
