This is a two part question – we have a joint checking account with you and have most of our monthly bills automatically debited out of the account (i.e. mortgage, utilities), in the event of our simultaneous death, what happens to the account, is it frozen pending estate processing or will the debits continue until discontinued or funds depleted? Second question is – is there a way to add a trustee or beneficiary to the account so that someone can have access to the funds to pay necessary expenses until estate is processed? Doing some estate planning and did not know how things work at your bank.
Expert Answer:
The automatic debits will continue to process on the account until the funds are depleted or if there is not a beneficiary listed on the account, until the account is closed by the administrator of the estate. You may stop by one of our branches and speak with a Customer Service Representative. They will be able to add a beneficiary onto the account making it a POD (payable on death) account.
