What happens to bank accounts when a spouse passes away?

By July 10, 2018Knowledge Center
family on river

family on river bank

The account’s type of ownership is a major factor. Joint Ownership with Right to Survivorship accounts stay open in the surviving spouse’s name. If the account is only in your spouse’s name and appointed payable-on-death, the bank gives the funds to the named beneficiary. Accounts that don’t have a spouse named as a joint owner or beneficiary go through probate to figure out next-of-kin ownership. Prepare for these situations before they happen. Talk about account ownership options with your bank, legal counsel, and family.

Have questions about preparing for your financial future? Visit any one of our three locations or give us a call. We’d love to help you.