What would happen to my bank accounts if I died?

Answer 1

The answer depends on what arrangements you make for the distribution upon your death.

• • You can visit the bank(s) and arrange to designate a person or persons to receive the balance in the accounts upon your death. That way, the funds will pass automatically to the person(s) you have named.
  • You can add someone you trust, and who you want to receive the funds upon your death, as a joint owner of the accounts. The joint owner will have access to the accounts during your life and become the sole owner upon your death.
  • You can write a Last Will and Testament that leaves your accounts to the person(s) you have chosen to receive them. They will receive the balance of the funds after any debts have been paid.
  • If you do nothing your heirs will need to probate your estate and after the payment of your debts the state will distribute your money according to the laws of intestacy.
  • Lastly, if no one knows of your accounts and therefore no one claims them, after a statutory period, usually seven years, the accounts will be paid over to the state.