Bank Account Of A Deceased Person Frustrates Family
Understanding Deceased Bank Accounts and Executorship
The Importance of Letters of Executorship
When a person passes away, their bank account becomes part of their deceased estate, and access to these funds is restricted. This applies to all accounts, policies, and insurance, regardless of the deceased’s relationship to the survivors. To access the funds in the bank account of a deceased person, it is necessary to report the deceased estate to the Master and obtain Letters of Executorship.
The Letters of Executorship grant the appointed executor the authority to manage the deceased’s bank account and distribute the assets according to the Will or the Intestate Succession Act if there is no valid Will. Often, the executor is a relative of the deceased and may require the assistance of a qualified professional to navigate the process.
Siyatec Executors specialises in helping individuals obtain Letters of Executorship and manage deceased estates. Our experienced team, including Attorney Wafiq Davids, can guide you through the process and ensure that all legal requirements are met. We understand that dealing with a deceased person’s bank account can be an emotional and challenging experience. Our compassionate and professional approach aims to alleviate the stress and frustration associated with this process. By working with Siyatec Executors, you can be confident that your loved one’s estate will be managed efficiently and according to South African law.
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