Checklist: Canceling or Transferring Bank and Retirement Accounts After Death
Use this checklist to cancel or transfer bank and retirement accounts after a loved one’s passing, ensuring all necessary steps and documents are handled.
- Death Certificate: Obtain multiple copies of the death certificate.
- Will and Trust Documents: Gather the will and any trust documents to understand asset distribution.
- Identification: Have your identification ready (driver’s license, passport).
- Account Information: Collect details about the deceased’s bank and retirement accounts, including account numbers and statements.
- Identify Institutions: List all banks, credit unions, and investment firms where the deceased held accounts.
- Notify Each Institution: Call or visit the branch to inform them of the account holder’s death.
- Ask about their specific requirements for account closure or transfer.
- Request Account Freeze: Ask to freeze the account to prevent any unauthorized transactions.
- Provide Documentation: Present the death certificate, will, and your identification.
- Discuss Account Options:
- Close the Account: If there are no outstanding checks or direct deposits, request to close the account.
- Transfer Ownership: If the account will be transferred to a beneficiary or co-owner, complete the necessary paperwork.
- Withdraw Remaining Funds: Determine how to withdraw any remaining funds (transfer to a new account, cash withdrawal, etc.).
- Contact Plan Administrator: Reach out to the company managing the retirement account.
- Obtain Claim Forms: Request any necessary claim forms to initiate the process.
- Submit Required Documentation: Provide:
- Death certificate
- Identification
- Will (if applicable)
- Any beneficiary designations
- Choose Distribution Options: Discuss distribution options with the administrator:
- Transfer to Beneficiary: If applicable, arrange for the transfer of funds to the beneficiary’s account.
- Cash Out: Consider if cashing out the account is appropriate, understanding tax implications.
- Roll Over: If the beneficiary is eligible, inquire about rolling over the funds into their retirement account.
- Track Progress: Keep a record of all communications, including names of representatives and dates.
- Confirm Closure/Transfer: Once the account is closed or transferred, request confirmation in writing.
- Check for Outstanding Transactions: Ensure there are no pending checks, automatic payments, or transactions that could affect the account.
- Review Final Statements: Obtain final statements for your records.
Buried in Work offers several Account Access, Closure, and Transfer templates to save you time.
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