Bank Account Of A Deceased Person Frustrates Family
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 a deceased person.
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.
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 qualified professional to help with the process.
Siyatec can assist you with getting the Letters of Executorship you need to access the bank account of a deceased loved one. It does not have to be a frustrating process.
All our contact details are listed here on our website and one of our legal consultants will be able to assist you with any questions you may have.
Author: Wafiq Davids (B SocSci, LL.B.)
Attorney, Notary, Conveyancer and Legal Consultant at Siyatec Executors