What Happens to Your Savings After Death?
Update: 2025-11-20
Description
When someone passes away, their savings account becomes part of their estate. The account is typically frozen, and the funds are used to pay debts and distributed to beneficiaries according to the deceaseds wishes, if a will exists. If no will is present, a probate court steps in, which can be a lengthy process. To simplify matters, consider setting up a joint account, payable-on-death account, or including your bank accounts in a living trust.
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