I am sorry to hear about your father’s health. I recently had to go through the loss of a parent. I had multiple accounts to take care of.
My experience:
Accounts with more than one owner stay open. Your mother and brother can continue to make transactions and using them. I don’t believe there is a reason to rush to notify the bank after he passes. Give yourself a week to mourn.
Accounts that are only in your father’s name will get locked down as soon as the financial institution learns of his passing. Some banks might find out on their own after a death certificate is issued. All transactions after the date that he passed will be reversed by the bank. Call the bank to ask what paperwork they need to distribute the money in the account. Whoever is the beneficiary, trustee, or executor can make an appointment with the bank. This was pretty painless for me.
My experience:
Accounts with more than one owner stay open. Your mother and brother can continue to make transactions and using them. I don’t believe there is a reason to rush to notify the bank after he passes. Give yourself a week to mourn.
Accounts that are only in your father’s name will get locked down as soon as the financial institution learns of his passing. Some banks might find out on their own after a death certificate is issued. All transactions after the date that he passed will be reversed by the bank. Call the bank to ask what paperwork they need to distribute the money in the account. Whoever is the beneficiary, trustee, or executor can make an appointment with the bank. This was pretty painless for me.
Statistics: Posted by R Investor — Mon Nov 03, 2025 9:33 pm — Replies 32 — Views 2378