What Happens to Your Bank Account After Death?

Walnut Creek CA

10 August, 2021

10:38 AM

Description

The last thing grieving family members want to think about is money. Making preparations with your finances should be at the top of that list to help relieve your loved ones of any added stress when the time comes. But, you might think, what’s the big deal? It’s just an account that holds my money. That may be true, but did you know that a bank will freeze a person’s account when they hear of a death? This means that your loved ones won’t have access to funds to pay for things like the funeral and burial. On top of that, any automatic payments will bounce. Unfortunately, this can take a lot of time and money to fix. In this episode of Absolute Trust Talk, Kirsten sits down with fellow Absolute Trust Counsel attorney Madison Gunn to discuss: What happens to bank accounts after deathThe different types of accounts Who can access the accountHow to protect them from being frozen Why they should be included in your trustThe age-old saying goes something like, “You can’t take it with you when you go,” but you can work with your estate planning attorney to avoid complications for heirs and all those involved in settling your trust and estate. So, grab a pen and a notepad, and press play with us. Big Three from Episode #069: 1. Assets that total $166,250 or more, will trigger probate. So, leaving a bank account out of a trust is okay as long as it doesn’t bump you over that total. 2. If you are not the executor of an account, do NOT try to access it or use funds. It is illegal. 3. Want to ensure that your assets are protected? Make sure your trust and estate are up to date with ALL accounts and assets. At the end, we had a Q&A session answering your top questions about estate planning and protecting your money, but if you have more questions, feel free to reach out to us for help: by calling us at 925-943-2740 or emailing us at [email protected]. Tune In Now! >> [Ad] Estate planning is vital to ensure that you and your family are protected and prepared throughout your later years of life and beyond. Please don’t wait until it’s too late. Schedule a free discovery call today, and we’ll review your case to make sure all your needs are met.