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Every bank, brokerage, and card issuer has its own process, its own hold times, its own paperwork, and it's up to the family to let them know someone has passed away.
That often means contacting each institution individually, figuring out what documentation they require, submitting the right forms, and following up until everything is resolved. Some accounts can be transferred directly to a beneficiary or joint owner, while others need to be closed or handled as part of the estate.
The institution may change, but the process is usually similar: find the account, understand how it's owned, notify the institution of the death, provide the documents they require, and then close or transfer the account. The challenge is that every institution handles this a little differently — with its own forms, requirements, timelines, and follow-up.
And before you can close an account, you have to know it exists. Most families don't start with a complete list. Bank statements, tax returns, mail, email, and credit reports can all help uncover accounts, and state unclaimed-property databases can help identify money that may have been forgotten or left dormant.
One important thing to know: a Power of Attorney ends at death. Even if someone was managing a loved one's finances during their lifetime, that authority can no longer be used to access or manage their accounts afterward. From that point forward, what happens to each account depends on how it's owned, whether a beneficiary is named, and, in some cases, who has legal authority to act for the estate.
To close a loved one's bank account, the bank needs notice, a certified death certificate, and proof you have authority to act. Solely owned accounts often require Letters Testamentary or Administration; joint and payable-on-death accounts can often be handled without probate at all.
Read the full guide to closing a bank account →Brokerage accounts follow a similar pattern, but moving holdings out of a deceased owner's name usually requires a medallion signature guarantee, a bank-issued verification stamp most large brokerages insist on. Transfer-on-death or jointly owned accounts pass outside probate entirely.
Read the full guide to transferring a brokerage account →Most 401(k)s and IRAs name a beneficiary directly, so they pass outside probate no matter what the will says: the beneficiary form controls. A surviving spouse can often roll the account into their own; other beneficiaries typically open an inherited IRA with its own distribution rules.
Read the full guide to transferring a 401(k) or IRA →Credit card balances are generally handled through the estate rather than becoming the responsibility of family members simply because they are relatives. Responsibility can vary depending on how the account was held, including whether someone was a joint account holder or co-signer. Authorized users typically aren't responsible for the balance solely because they were authorized to use the card. If the estate doesn't have enough assets to cover its debts, some unsecured balances may ultimately go unpaid or be written off, depending on the circumstances and applicable state law.
Read the full guide to closing credit card accounts →No. It depends on how each account is titled. Joint accounts, payable-on-death and transfer-on-death designations, and retirement accounts with a named beneficiary generally pass directly to the surviving owner or beneficiary. Solely owned accounts with no beneficiary usually do need Letters Testamentary or Administration.
Even if you have access to someone's login information, that generally doesn't give you legal authority to manage their accounts after they've died. The safest approach is to notify the bank or brokerage and follow its estate or bereavement process. The institution will let you know what documentation it needs and who is authorized to close, transfer, or otherwise manage the account.
Most families don't, starting out. Old statements, tax returns showing interest or dividend income, mail, email, and credit reports are the usual starting points, along with state unclaimed-property databases for accounts that have gone dormant.
Generally no, with two exceptions: joint account holders and co-signers share responsibility for what they signed onto. Authorized users on a credit card, and beneficiaries of accounts that pass outside probate, are not liable for the deceased's debts.
It's a special verification stamp from a bank or credit union (not the same as a notarization) that most brokerages require before they'll retitle or transfer securities out of a deceased owner's name. It typically only comes up for brokerage and investment accounts, not for ordinary bank accounts or credit cards.
Not necessarily. Selling immediately isn't always required, and there can be tax consequences to consider, including a potential step-up in cost basis for inherited assets. It's worth a conversation with a CPA or financial advisor before liquidating anything, especially if the estate isn't under time pressure to raise cash.
From banks and credit cards to investments and retirement accounts, we help manage the calls, paperwork, follow-ups, and next steps.
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