That depends on the type of the account. If it was a joint account then the spouse becomes the sole owner of the account. If it’s a payable-on-death account, then the payable-on-death beneficiary will become the owner of the account. If we’re talking about a trust account, then the funds in the account will be transferred to the trustee. If the account has a single owner then the account will have to go through probate before the funds are transferred. Probate laws differ by state and you will have reach out to the bank for more details regarding the type of the account the deceased held. Please call customer service at 800-539-2968 for more details.
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