Bank Account Of A Deceased Person Frustrates Family
What you need to deal with bank accounts in a deceased estate
When a person dies, nobody will be able to access the funds in their bank account. The same rule applies to any policies or insurance. It does not matter if the deceased person was a parent, spouse or child you will not be able to access any amount held in the bank account of the person that has passed on.
The only way to deal with this problem is to report the deceased estate to the Master and obtain Letters of Executorship.
When the holder of a bank account dies, their bank account forms part of what is called a deceased estate. The cash in the bank account is to be transferred out of the deceased estate to a beneficiary nominated in the Will or where the deceased died without leaving a valid Will, in terms of the Intestate Succession Act.
The only way to deal with this problem is to report the deceased estate to the Master
Only an Executor appointed by the Master in terms of Letters of Executorship can deal with the bank account of the deceased. In most cases the appointed executor is a relative of the deceased, who acts with the assistance of a qualified professional to help with the process.
Author: Wafiq Davids (B SocSci, LL.B.)
Attorney, Notary, Conveyancer and Legal Consultant at Siyatec Executors