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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.
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  • 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.
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  • 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.).
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  • 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.
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  • 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.
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  • 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.
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