When a parent dies, and bank accounts (pay, California, responsible)
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My mom is really old and has ordinary bank accounts. In her will she said my dad would get everything.
If she suddenly dies, would I have to go to her bank and do something, or would everything be automatic?
It's hard to talk with my folks as they are really old and have problems understanding stuff.
When you have a bank account, you can specify who the money will go to if you die. I know because I once did this on my own account. I'm not sure if my mom specified any of these things. I do know her banks and account numbers.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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The bank will not even speak to you about someone else's account until that person is deceased and you have a copy of the death certificate. You should accompany one of them to the bank to discuss it and better yet, add your name to the account. We did this when my mother-in-law went into assisted living. With no other "estate" to deal with, when she passed I was able to close out the accounts, pay anything that needed paying, and use the rest toward the services.
I don't think it is a joint account. If it is one, I guess I wouldn't have to take any action.
More general question: if your will states your money in your bank will go to somebody, does that somebody have to take action to get the money or is it automatic?
I don't think it is a joint account. If it is one, I guess I wouldn't have to take any action.
More general question: if your will states your money in your bank will go to somebody, does that somebody have to take action to get the money or is it automatic?
It depends on state law .. if you inherit things via a will and not beneficiaries , tod or joint account then it has to be cleared by the courts and probated to get access in your name
My mom added me to her account after my dad died, so when she died I could access the money in the account without any problems. I paid her funeral expenses and other outstanding bills and divided what was left with my siblings.
I don't think it is a joint account. If it is one, I guess I wouldn't have to take any action.
More general question: if your will states your money in your bank will go to somebody, does that somebody have to take action to get the money or is it automatic?
An individual account with no TOD becomes an asset of the estate. The executor of the estate is responsible for executing what's in the will. The intended recipient does not take any action.
If the accounts are join or have the spouse as the owner then I think you could do nothing as the bank may not know of the death.
If their SS check goes into the account the SS administration will probably contact the bank. Still probably nothing to do.
If the account lists the spouse as a beneficiary you would need to give the bank a copy of the death certificate.
If the account does not have a beneficiary then you to work under the will and be appointed administrator and ask the bank what paper work they want. Probably that you are the administrator and you tell them where the money goes.
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