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

Absolute Trust Talk

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9M ago 29:08

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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 associates Ariana Flynn and Jessica Colbert break down the complexities of this process into simple, actionable steps. They explain why placing accounts in a trust is the ideal solution, debunk the dangers of DIY estate planning through joint accounts, and guide you through the specific legal requirements for accessing different types of accounts. Plus, they clarify 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 dealing with a trust-held account, joint account, POD account, or 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

01:46 Best practices: Why placing accounts in a revocable trust is the ideal approach to avoid probate and save time and money

02:52 Understanding the key differences between wills and trusts, and what happens when there’s no planning (intestacy)

07:46 The dangers of DIY estate planning through joint accounts and how convenience can lead to family disputes

12:30 What NOT to do with a decedent’s accounts – Power of Attorney limitations and legal risks of unauthorized access

16:18 Understanding key roles after someone dies: Trustee, Executor, and Administrator

21:38 How to access different types of accounts: Transfer/Payable on Death (TOD/POD), trust-held accounts, and options for estates under $184,500

26:54 Strategic considerations before approaching the bank to prevent account freezes and manage automatic payments

Don't Miss Our FREE GUIDE: How to Access a Bank Account After Someone Dies

Navigating a loved one's bank accounts after death is complex and often overwhelming. Our comprehensive guide explains the different legal pathways based on your specific situation, helping you avoid probate delays and understand the necessary steps. Download now to gain clarity on this challenging process: https://bit.ly/2LS1eNx.

138 episodes

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

Absolute Trust Talk

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published 9M ago