147: How to Legally Access a Loved One's Bank Account After Death

Absolute Trust Talk

Have you ever faced the frustrating challenge of accessing a loved one’s bank account after their passing? You're not alone. In this episode of Absolute Trust Talk, Kirsten Howe and associate attorney Jessica Colbert break down the complexities of this process into simple, actionable steps. They explain the different types of account ownership—whether joint, trust-held, or individual—and guide you through the specific steps required to gain access to each. Plus, they debunk the common misconception that a Power of Attorney can be used after death, highlighting why it’s not only ineffective but illegal. Whether you’re managing a joint account, a trust, or an individually owned account, this episode provides the practical advice you need to navigate these tasks smoothly and avoid costly complications.

Time-stamped Show Notes:

0:00 Introduction

0:40 What happens to a decedent’s bank account after they die? The process depends on how the account was held.

2:25 In this segment, we dive into the steps you can take to legally access a loved one’s joint bank account after they pass away.

3:08 Accessing a Pay on Death (POD) account follows a process similar to joint accounts. Here’s what you need to know.

3:40 Is the bank account titled in the decedent’s trust? If so, there's a different process you need to follow.

4:35 Now for the complicated one: The decedent owned their bank account outright. Here’s what to do.

6:00 Did you know that if the total value of the decedent’s bank account is less than $184,500, you might be able to avoid probate?