Locating and Accessing Bank Accounts
First Steps to Managing Estate Accounts
When someone dies, it can feel like the world stops. But the bills, responsibilities, and paperwork keep going. One of the first financial hurdles you may face is determining which bank accounts the person had and how to access them. This is especially tricky when you do not know where the accounts are, or if they were set up in a special way.
The bottom line: you cannot start paying bills, distributing money, or managing the estate until you understand what accounts exist and who is legally authorized to access them.
Here is how to get started:
Start With What You Can Find
Look for checkbooks, mailed bank statements, or recent tax returns. Online access is another clue. If you know their email address or phone number, you may be able to recover usernames or reset passwords through the bank’s website. If you are the executor, you can also check with the deceased’s accountant or financial advisor.
Still unsure? A credit report can show active accounts. You can also search for unclaimed funds through sites like MissingMoney.com.
Understand What Kind of Accounts You Are Dealing With
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- Joint accounts (often labeled “JTWROS” for “Joint Tenants with Right of Survivorship”) usually pass automatically to the surviving owner. These do not go through probate. Bring a death certificate and ID to the bank to update the account.
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- Individual accounts are owned solely by the deceased. These are typically frozen when the bank learns of the death. To gain access, you will need a certified death certificate and legal paperwork proving you are the executor or administrator. In Louisiana, this usually means providing “Letters of Testamentary” or “Letters of Administration.”
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- Pay-on-Death (POD) accounts are designed to skip probate. If you are named as the beneficiary, all you need is your ID and a death certificate to claim the funds.
What to Tell the Bank
Once you know the bank name, call or visit in person. Inform them that the account holder has passed away. They will tell you what documents they need. Each bank is different, so be ready to provide identification, a death certificate, and proof of your legal authority.
If you are working in Louisiana and need help, you can contact the Louisiana Office of Financial Institutions at 1-888-525-9414 or visit ofi.la.gov.
Avoid These Mistakes
Do not withdraw money from the deceased’s account unless you are a joint owner. Even with online access, using those funds without proper authorization can lead to legal trouble. Do not close accounts too early. Funds in the account may be needed to pay estate debts or funeral costs.
Handling these accounts is one of the first real tests of managing an estate. Take it one step at a time. Write things down. Ask questions. And do not hesitate to seek legal help if you need it.
