A caring solution to help you plan for the future and settle affairs after a loss.
Close out and transfer money from bank and investment accounts
You will need to fund the estate account with all of the deceased person's accounts:
Checking and savings accounts
Investment accounts:
IRAs
401(k) plans
Mutual funds
Pensions, etc.
You will also need to transfer all of the funds besides "payable on death" and joint tenancy accounts to the estate account.
Here is the process:
1) Gather the needed information. You will need:
Estate account details - account number and routing number
A Certified copy of the death certificate
Financial accounts records (e.g. bank account statements)
Identification (e.g. driver’s license) of the person handling the accounts
The will or letters Testamentary naming the executor (if it is not a joint or payable on death account)
2) Figure out which accounts you should transfer to where:
Transfer “payable on death” accounts straight to the beneficiary
Transfer “joint tenancy” accounts directly to the surviving joint owner
For all other accounts, transfer them to the estate account
3) Contact all banks where the deceased had an account to report the death and initiate the transfers. Here are the phone numbers for many of the country’s largest banks:
Bank of America: 1-888-689-4466/ https://www.bankofamerica.com/life-services/estate-services/
BB&T: 1-800-226-5228
Capital One - 1-800-655-2265/ https://www.capitalone.com/support-center/bank/how-do-i-settle-an-account
Charles Schwab: 1-888-297-0244/ https://www.schwab.com/life-events/losing-a-loved-one