Primary Checking Account
In our experience, the primary checking account is a point of great assistance or a major hassle. In an ideal circumstance, the primary checking account of the deceased is active and useful to the executor. Because my sister was a co-signer on my mother’s account she could write checks for early costs to the estate. Leaving this account active for a few months allowed the auto-pay and auto-deposit activities in place, saving hassles with the utility companies and income generating investments.
In old times each bank reviewed the obituaries to discover recent deaths. Although this practice may have fallen off in our cost conscious environment, banks are notified and accounts are frozen for deceased clients, so it’s best to get in to the branch office and let them know as soon as possible. Go into the branch in person and visit with a banker, face to face they are very good at working through the issues. You will need to bring a death certificate and copies of the estate trust or will. Normally they will change the name on the account to ‘the estate of …..’ and leave all arrangements in place.
Keep this main account open for paying estate expenses, allow auto payment and auto withdrawal to keep the bills paid, the lights on and to discover assets and liabilities in real time as bills come in and payments are received.