We know that losing a loved one is hard. We’re more than ready to be your support with this guide! It’s important that when you manage their accounts, you must be a spouse, inheritor, or executor of the person that died and present the required documents.
Discover the steps to follow below:
- Notify the bank immediately. The deceased customer’s accounts will be frozen, and only the designated person (executors, heirs, surviving spouse, or joint account owners) will have access to the accounts.
- Record the date of death.
- Is there a will? Let us know.
Information and tips to make the process faster:
If you are interested in copies of statements or loan documents, you must be the inheritor or surviving spouse. You must present the death certificate and your current ID. If you are an inheritor and don’t have an ID, you can provide a copy of your birth certificate. Remember, printing documents on the branch may have a charge, which will be informed when you request them.
Need an advance for the funeral expenses?
- The bank will provide you with the advancement allowed by law to relieve the funeral home expenses.
- To send the advance payment, it’s required to show a death certificate and the funeral home’s invoice.
- The check will be issued to the funeral home up to the maximum allowed by law ($15,000 or 25% of the deposited funds, whichever is greater).
Requirements to claim funds of a deceased person:
- Present the death certificate.
- Have the will in hand (with the Certification of the Register of Powers and Wills dated after death) or Resolution of Declaration of Heirs.
- The inheritors, surviving spouse, and co-owners must be present to cancel the accounts. They have to show up physically or be authorized as a third person to complete the process.
- If the will mention the appointment of an executor and they have been given authority to take possession of the property and administer it, they can claim the funds from the deceased person.
- If the deposited funds exceed $15,000, it’s required a Tax Relief (document entitled the “Certification of Tax Lien Cancellation (Inheritance Relief).” In the said release, the approximate sum of deposited funds of the deceased must be included.
Don’t worry, we know it’s a difficult moment, and we are more than ready to help you in whatever you need. In case of need our help or additional orientation, you can visit us at any of our branches.
