Definition of Deceased account:
A deceased account is a bank account, such as a savings or checking account, owned by a deceased person. When a bank receives notice that a customer has died, it will freeze the account(s) while waiting for direction from the authorized court regarding payment to heirs and creditors.
A bank account owned by a deceased individual. Once the bank receives notice that the owner has died, the account will be frozen pending instructions from an executor or administrator regarding the liquidation to heirs and creditors.
When an account holder dies, the next of kin must notify their banks of the death. This is usually done by delivering a certified copy of the death certificate to the bank, along with the deceased’s name and Social Security number, plus bank account numbers, and other information. The bank may require other documents, including court-issued letters testamentary or letters of administration naming an executor or administrator of the deceased’s estate.
How to use Deceased account in a sentence?
- A deceased account is a bank account owned by a deceased person.
- Joint accounts that are held jointly with a surviving owner are not considered deceased accounts; ownership of these accounts reverts to the surviving owner.
- Generally, banks cannot close a deceased account until after the person's estate has gone through probate.
- If the account is a pay-on-death account, the bank will not freeze the account; instead, the bank will release the funds to the named beneficiary when provided with the deceased's death certificate.
- Banks freeze access to deceased accounts, such as savings or checking accounts, pending direction from an authorized court.
Meaning of Deceased account & Deceased account Definition