Losing a loved one is never easy, and dealing with their financial affairs can feel overwhelming, especially when it comes to accessing their bank accounts. In Georgia, how you claim these accounts depends on how they were set up. Understanding the process of how to claim the deceased’s bank accounts help you manage these matters with less stress.
Let’s walk through the different scenarios and steps you may need to take to claim a deceased person’s bank accounts.
Joint Accounts and Payable-on-Death (POD) Beneficiaries
If your loved one had a joint bank account, the process of transferring ownership is often straightforward. Joint accounts typically come with rights of survivorship, meaning that the surviving account holder automatically assumes full ownership of the account after the other account holder passes away. In this case, you simply need to provide the bank with a copy of the death certificate, and they will transfer the account into your name.
Similarly, if the account has a Payable-on-Death (POD) beneficiary, the process remains relatively easy. The account holder names a POD beneficiary to receive the funds directly upon their death. If you are the designated POD beneficiary, you only need to present the death certificate to the bank, and the funds will transfer to you—no probate required.
Accounts Without Joint Ownership or POD Beneficiaries
The process is more complicated if the bank account isn’t a joint account or doesn’t include a POD beneficiary. In such cases, the account will likely have to go through probate, which is the legal process of distributing a deceased person’s assets.
If the account is subject to probate, the executor of the estate will take charge. The executor must provide the bank with official documents from the probate court—such as letters testamentary (if there’s a will) or letters of administration(if there isn’t a will). These documents confirm the executor’s authority to manage the deceased’s assets and distribute them according to the will or, in the absence of a will, based on Georgia’s intestate laws.
Small Estate Affidavit
If your loved one left behind a small estate, you may be able to avoid formal probate altogether. In Georgia, if the estate’s total value is less than $10,000 and doesn’t include real estate, you might be eligible to use a Small Estate Affidavit to claim the bank account without having to go through the probate process.
With a Small Estate Affidavit, you’ll need to present the bank with the affidavit and a copy of the death certificate to claim the funds. Keep in mind that banks may have their own specific requirements when accepting these affidavits, so it’s a good idea to check with the financial institution in advance.
When Probate Is Required
For larger estates—or when the bank account is part of a more complex estate—probate is typically required. In these cases, the court will oversee the process of settling debts and distributing assets to heirs. The executor is responsible for managing the probate process, which includes providing the required documents to both the bank and the court.
While probate can take time, it ensures payment of all debts and distribution of the estate according to the law or the wishes outlined in the will. Having a clear understanding of the process can help make things smoother for everyone involved.
Let Us Help You Navigate the Process
At Wilson Legal, we understand that managing financial matters after a loved one’s passing can be challenging, especially when dealing with bank accounts and the probate process. Whether you’re handling joint accounts, POD beneficiaries, or navigating probate, we’re here to guide you every step of the way.
Call us today to discuss how to claim the deceased’s bank accounts and managing your loved one’s estate in Georgia.
