Frozen and Deceased Bank Accounts #assetprotectionplanning

1 Aug 2023 · 1 min

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1:01

In this brief video, Jerry Taylor explains that a bank account held solely in an individual's name becomes a "deceased" account upon the holder's death, triggering a freeze until a probate court issues an order. He outlines three primary ways to prevent this delay: (1) designating a payable‑on‑death (POD) beneficiary, which still may require probate if the beneficiary predeceases the account holder; (2) naming a trust as the POD beneficiary; and (3) titling the account directly in the name of a trust, which he identifies as the lowest‑risk option because it grants the estate immediate access without court involvement. He concludes with a call‑to‑action to click his picture and link for more information.

Chapters

If you have a bank account with only your name on it, when you die, that bank account will become a deceased account and it will be frozen and locked down until a probate court issues an order allowing someone access to that account. No one in your family will be able to access that account until a judge issues an order allowing it. There are several ways around this. At most banks, you can designate someone to be paid upon your death with any monies that are in that account. But if that person were to die before you do, then the money would still have to be subject to probate court orders. The lowest risk option is to create a trust and title that account in the name of the trust, which would give your estate immediate access to that money. Or you could also name the trust as the payable-on-death beneficiary of that account. There is no reason you should allow your bank accounts to be frozen after you're gone. Click on my picture, click on my link, and