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3 kinds of Bank Accounts that don’t go through Probate

Posted by Ada Davis | Aug 03, 2020 | 0 Comments

Jointly held accounts are one of the more common types of accounts used to avoid probate upon the passing of one of the owners. When an owner of a jointly held account passes away, the surviving owner only needs to provide the bank with a copy of the death certificate to have the name of the deceased removed, and gain sole access to the account.

Payable on Death accounts are also useful in avoiding probate. With a Payable on Death account, a beneficiary is designated by the owner of the account to receive the contents of said account at the time of their passing. The beneficiary only needs to provide a death certificate and proof of their identity to gain access to the funds. 

When an account is held "In trust for" another person, that person becomes the beneficiary. When the account holder, or trustee passes away, the beneficiary only needs to provide a death certificate and proof of their identity to gain access to the funds.

About the Author

Ada Davis

Counselor. Teacher. Advocate. Attorney Ada A. Davis is a graduate of Georgetown University Law Center. For more than fifteen years she has practiced law in the New Jersey and New York areas, including working as an associate at two big law firms in New York, NY. For the past nine years she has m...

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