Checking Accounts when Owner is Deceased

Question:

If ITF is only for savings accounts, what happens to checking account when the owner is deceased?

Answer:

If naming an "ITF" or "POD" beneficiary is limited to savings accounts, that is entirely a function of state law or bank policy. The latter is the more likely source.

Any account on which there is no named beneficiary comes under the control of the personal representative of the decedent's estate. (Some states have provisions where small amounts can be distributed to heirs without the necessity of naming a personal representative.)

First published on BankersOnline.com 4/30/12