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Since payable-on-death accounts (PODs) and transfer-on-death accounts (TODs) must designate a beneficiary, they are not subject to the California probate process. The payable-on-death beneficiary can claim the bank account proceeds by going to the bank with a copy of the death certificate and proof of identification.
The beneficiary generally does not need to hire a lawyer or file anything in court to access the funds. They should be able to simply present the bank with proof of the death (e.g. a death certificate) as well as proof of their own identity, and the bank should release the funds directly to them.
The bank needs to be notified of the accountholder's passing as soon as possible, as any bank accounts of the deceased remain active until the bank is notified of the death. This typically entails providing the original Death Certificate for verification purposes and the Will, if one is available.
How to Find the Bank Accounts of a Deceased Person Search Their Home and Mail. Visit Banks in Their Area. Call Their Employer. Search Online Databases. Consult With an Experienced Probate Attorney.
Rule: (a) Upon the death of an accountholder, the FDIC will insure the deceased owner's accounts as if he or she were still alive for six months after his or her death.
Since payable-on-death accounts (PODs) and transfer-on-death accounts (TODs) must designate a beneficiary, they are not subject to the California probate process. The payable-on-death beneficiary can claim the bank account proceeds by going to the bank with a copy of the death certificate and proof of identification.
The purpose of the six-month rule is to allow the surviving owner the opportunity to restructure a deposit if necessary to ensure that all funds remain fully insured.