Where to Start

Your loved one’s bank accounts can no longer be used and must be closed, unless your loved one’s bank account was jointly owned. Prior to closing, any funds remaining in the account will need to be transferred. If your loved one designated a POD (payable on death) beneficiary, they can claim the funds directly from the bank by presenting an ID and a death certificate. If no beneficiary was named, the funds will need to be transferred as a part of the probate process, usually into an estate bank account.

Brokerage accounts operate similarly to bank accounts. If the account has a designated TOD (transfer on death) beneficiary, the stocks and bonds will be moved to a new account under the beneficiary’s name. Otherwise the stocks and bonds can be transferred into an account in the name of the estate.

Bereave has several partners that can assist with closure of bank and brokerage accounts. You can find that list by clicking this link.

Next Steps:

1. Account Assessment:
   • Determine which bank and brokerage accounts were solely owned by your loved one.
   • Assess jointly owned accounts for their continued use.
2. Beneficiary Designation:
   • Check if your loved one designated Payable on Death (POD) or Transfer on Death (TOD) beneficiaries for any accounts.
3. Funds Transfer:
   • If a POD or TOD beneficiary is named, follow the appropriate process to transfer funds to them directly.
4. Probate Process:
   • If no beneficiary is named, prepare to transfer funds through the probate process, often into an estate bank account.
5. Identify Financial Institutions:
   • Compile a list of the specific financial institutions where accounts are held.
6. Contact Institutions:
   • Reach out to these institutions (e.g., Chase, Bank of America, Wells Fargo, Fidelity, Charles Schwab) to initiate the account closure or transfer.
7. Follow Procedures:
   • Adhere to the procedures and requirements outlined by each institution.
   • Provide any necessary documentation as requested.
8. Record Keeping:
   • Maintain thorough records of all communications and actions taken with the financial institutions for future reference.

Additional Notes:

• If a Payable on Death (POD) beneficiary is designated, they can claim funds directly from the bank with ID and a death certificate.
• If no beneficiary is named, funds should be transferred as part of the probate process, often into an estate bank account.
• For brokerage accounts, if there's a Transfer on Death (TOD) beneficiary, stocks and bonds can be moved to a new account under their name.
• If no TOD beneficiary is named, consider transferring stocks and bonds into an account in the name of the estate.

Here is a list of our partners that specialize in assisting bank account closure and management.