DEFINITION of 'Deceased Account'

A bank account, such as a savings or checking account, owned by a deceased person. When a bank receives notice that a customer has died, it will freeze his/her account(s) while waiting for direction from the authorized court regarding payment to heirs and creditors.

BREAKING DOWN 'Deceased Account'

Bank personnel are typically restricted from providing much practical advice to heirs regarding how to handle the affairs of a deceased customer's account. It is advisable to obtain legal assistance or contact the appropriate court for direction regarding these types of issues.

RELATED TERMS
  1. Deceased Alert

    A notification on a person's credit report that alerts credit ...
  2. Heir

    HeirA person who inherits some or all of the estate of another ...
  3. Intestate

    The act of dying without a legal will. Determining the distribution ...
  4. Taxable Estate

    The total value of a deceased person's assets that are subject ...
  5. Personal Representative

    The executor or administrator for the estate of a deceased person. ...
  6. Form 1310: Statement Of Person ...

    A tax form distributed by the Internal Revenue Service (IRS) ...
Related Articles
  1. Managing Wealth

    Want Your Will to Prevail? Don't Die Intestate

    If you die without making a last will and testament, you are said to have died intestate. What happens to your assets in this case?
  2. Investing

    The Benefits And Pitfalls Of Joint Tenancy

    This arrangement allows beneficiaries to access your account without having to go to court.
  3. Managing Wealth

    How To Choose The Right Executor For Your Estate

    Making a careful choice now can save your heirs from a lot of problems later.
  4. Insights

    3 Reasons Banks Can Freeze Your Account

    Learn about the reasons why a bank account can be frozen. Discover if it is legal for creditors to freeze your account and withdraw money.
  5. Investing

    A Guide to Bank Accounts

    Find out which type of bank account suits your specific needs.
  6. Personal Finance

    Explaining Checking Accounts

    A checking account is an account at a financial institution, usually a bank, that allows for deposits and withdrawals.
  7. Retirement

    What Happens When You're Executor of Your Parents' Estate

    Being named the executor of an estate can be an honor, but it takes diligence and time.
  8. Personal Finance

    Understanding Savings Accounts

    A deposit account held at a bank or other financial institution that provides principal security and a modest interest rate.
  9. Retirement

    Including Social Media Accounts in Estate Planning

    A lot can happen to your social media and email accounts when you pass away. Planning ahead will save loved ones a lot of stress and additional grief.
RELATED FAQS
  1. My husband left his ex-wife as his retirement plan beneficiary. Can this be changed?

    Even when assets are divided following a divorce, in many cases, former spouses and heirs engage the services of attorneys ... Read Answer >>
Trading Center