How Your Savings Account Is Handled After You Die and What That Means for Your Family

Key Takeaways After you die, your bank will freeze your savings account to protect your assets and prevent fraud. If you have a will, an executor will administer and distribute your assets. If you don't have a will, your account will be processed through a probate court, and a court-appointed executor will manage your assets. You can avoid probate by setting up joint accounts, payable on death (POD) accounts, or living trusts. To close an account, your bank may require your survivors to provide y ...