Bank Accounts With No Beneficiary
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FAQ
While banks do not require accounts to have named beneficiaries, it's very common for them to have what's known as a Payable on Death (POD) account. And the good news is, even if you have an existing bank account, it's easy to convert it into a POD account at any time.
If a bank account has no joint owner or designated beneficiary, it will likely have to go through probate. The account funds will then be distributed?after all creditors of the estate are paid off?ing to the terms of the will.
A court must grant you the power to withdraw money from the account if you're neither a joint owner or an account beneficiary. For example, an executor must produce proof of executor status and a certified copy of the death certificate to collect funds and place them in an estate account.
If the deceased has left a Will, the bank will only release funds to the Executor after the Grant of Probate. If there is no Last Will and Testament, the financial institution will require a Grant of Administration.
If you die without naming a beneficiary, your bank account will transfer through your will and through probate law, as appropriate. The way that an account is distributed after your death when you don't have a beneficiary will depend on whether you're married, if you have any named heirs or if you have children.