What happens to the deceased person’s bank account upon their death? When and how do the surviving family members gain access to it? <\/p>\n\n\n\n
After a testator\u2019s death, the surviving relatives must deregister<\/a> the deceased with government agencies and banks. As soon as they know which banks hold accounts in the deceased\u2019s name, they must send the official death certificate<\/a> to those banks. The banks will then freeze the accounts and securities accounts held in the deceased person\u2019s name until an authorized person takes action to manage them. <\/p>\n\n Depending on the circumstances, existing standing orders must be suspended and the underlying contractual relationships terminated<\/a> separately. Following the death of a decedent and until the division of the estate<\/a> is finalized, the heirs may decide on the use of the estate\u2019s assets only jointly (as a community of heirs<\/a>). <\/p>\n\n In many cases, assets held in a bank account, a securities or precious metals account, etc., can be accessed by presenting a certificate of inheritance<\/a>. For communities of heirs without a representative<\/a>, an additional power of attorney from the co-heirs may be required. Executors<\/a> are also authorized to temporarily manage a deceased person\u2019s bank accounts. Information regarding which additional documents must be submitted for the transfer of securities, accounts, etc., can be obtained from the banks themselves. <\/p>\n\n More on this topic<\/strong>: