Several factors determine the necessary actions in managing the bank accounts of a deceased loved one. Factors include the type of account, is there an estate, is there a will, or does the account have named beneficiaries. Use the following information to get started and a Fidelity Banker will help with all the details.

Immediate Actions

1. Contact the Bank: Notify the bank with a death certificate to secure the account. If the account has named beneficiaries, they will likely need to present a certified death certificate and valid identification.
2. Review Account Status: Determine ownership and beneficiary designations. 

Types of Accounts

• Joint Accounts with Rights of Survivorship: Automatically transfer to the surviving owner.
• Payable on Death (POD) Accounts: Directly transfer to named beneficiaries, bypassing probate.
• Individual Accounts: Subject to probate, where debts are settled before distribution.

Role of Executor/Administrator

• Legal Authority: Executors (appointed in the will) or administrators (appointed by the court if no will exists) must provide legal proof of their authority to the bank via a short certificate.
• Responsibilities:
  • Settling Debts: Pay off any outstanding debts, such as loans, bills, and taxes.
  • Managing Assets: Handle the deceased’s assets, including bank accounts, ensuring they are managed according to legal and financial regulations.
  • Distributing Assets: After debts are settled, distribute the remaining assets to beneficiaries as specified in the will or according to state succession laws.
• Opening Estate Accounts: It may be necessary to open a separate estate account to manage the deceased’s funds and expenses. Fidelity will require an Estate Account if the executor wants to continue managing the funds in the current Fidelity accounts.
• Documentation: Keep detailed records of all transactions and communications for transparency and legal purposes.

Legal Rights

Understand the protections of state laws to minimize liability.

Preventative Measures

• Monitor Accounts: Regularly review transactions.
• Strong Passwords: Use robust passwords and two-factor authentication.
• Account Alerts: Set up notifications for unusual activity.

Seeking Assistance

Consult legal and financial professionals to navigate complex estate matters and ensure compliance.