Handling Bank Accounts After a Loss
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We make it as easy as possible for you to close a bank account after a death, or to remove the deceased’s name from a joint account. Often, account settlement can be completed quickly and easily. Call us or visit a branch by appointment to get started.
What to expect when closing an account after a death
Although every situation is personal when dealing with someone’s financial affairs after their death, the general process is fairly standard. Here, you’ll find a high-level outline of what happens to a bank account when someone dies.
For many accounts, that will be all that account settlement includes. Certain relationships may involve additional tasks or review.
Frequently Asked Questions on Account Settlement
- Who typically notifies the bank when an account holder dies?
Family members or next of kin generally notify the bank when a client passes. It can also be someone who was appointed by a court to handle the deceased’s financial affairs. There are also times when the bank leans of a client’s passing through probate.
- What is the timeline to contact KeyBank following an account holder’s death?
It is best to notify KeyBank as soon as possible. This will help to ensure any debits and credits that should cease when the client passes are properly stopped. KeyBank is here to assist you with this process. To speak with a banker visit a branch or schedule an appointment.
- Do bank accounts need to be closed after someone dies? What happens to the money in them?
This will depend on how the types of accounts the client had with KeyBank were structured. It is best to set up time to discuss this with a banker, and after they verify your authority they can assist with the specifics of the situation. To speak with a banker visit a branch or schedule an appointment.
- Which factors impact how bank accounts are settled after death?
There are many factors to be considered when settling accounts of a deceased client. The client’s total relationship, account titling, obligations, and more may be considered when settling accounts. Each situation can be unique and a banker can give specifics regarding the relationship. To speak with a banker visit a branch or schedule an appointment.
- What are the tax implications associated with settling a deceased person’s bank account?
Tax implications can vary based on the individual relationship. It is best to talk to a trusted tax advisor prior to settling an estate.
- Do I need to hire an attorney to settle a loved one’s financial affairs after their death?
Hiring an attorney is not required to settle a loved one’s KeyBank accounts. However, based on the individual situation, it could be helpful to have a lawyer available to reach out to.