Financial

Bank Accounts

When my sister passed away in 2022, I learned that she was a joint owner of mom's bank account.  Even though I was her son, I did not have any legal authority to access mom's bank account.  To change that, both my mother and my sister had to be physically present at the bank branch, or I had to present my sister's death certificate.  So, days after my sister's funeral, I had to approach my brother-in-law and ask him for his wife's the death certificate.   It was a difficult for me to approach him but I had no choice.  Other than the mortgage and the power bill, I had no idea what bills my sister was paying for mom.

Mom was mostly blind, hard of hearing and frail at the time.  But, I was able to bring her to the bank along with my sister's death certificate and obtain access to her accounts.   But, that was only the beginning.  The next task was to go through all of my sisters notes and journals to gather all of mom's information.  I was able to learn about important accounts that required immediate attention such as mortage, power bill, phone bill, etc.  But, it took me months to get a clear understanding of all of mom's information.  Thankfully, my sister kept very clear information in a journal format which made the task easier.

Below is important information about accessing bank accounts.  But please consult with your attorney before using this information in your personal situation.

Legal Ways to Access a Bank Account

Accessing another person’s bank account legally can occur under specific conditions, such as:

 
A. Power of Attorney (POA)

A power of attorney is a legal document in which the account holder authorizes another person (called the agent) to manage financial affairs, including accessing a bank account. The scope of access depends on the specific authority granted in the POA.

  • The POA can be temporary or durable (remaining in effect even if the account holder becomes incapacitated).
 
B. Joint Bank Account

A joint account allows multiple individuals (e.g., spouses, partners, business associates) to access the same bank account. Any person named on the account has equal rights to deposit and withdraw money.

 
C. Court Order or Conservatorship

In cases where someone is incapacitated and unable to manage their own financial affairs, a court may appoint a conservator or guardian with the legal authority to access and manage the person's bank account.

 
D. Executor of an Estate

When a person dies, the executor of their estate, as appointed by a will or court, has the legal right to access the deceased’s bank account to settle debts, distribute assets, and close the account.

 

 

 

Article
This is a US News and World Report article that talks about obtaining access to a bank account after the owner dies.

What Happens to a Bank Account When an Owner Dies?