What happens to the money in one's bank account that dies?

If someone where to die, what would happen to their money in the bank?


Would the bank get it?
What happens to the money in one's bank account that dies?
Government will take it unless you have a trustee on it. Go to your bank and ask them to put someones name on it "In trust for" in case of your death. The name of a loved one or friend, even a charity.


Let them know that its on there in the event of your demise. But dont let the Government take it!
Reply:Totally wrong answer Report Abuse

Reply:In my country, when we open a bank account we have specify a nominee who'll receive the money in case of the account holder's death. One can also specify their kids/minors in which case they have to also give an adult's name as a guardian till the kid is 18 yrs old.





I don't think bank gets the money(unless nobody claims it!) ,


i guess a legal heir should be able to claim it. Or if the person who died had made a will , whoever he chose to inherit his wealth will get it.
Reply:If the account is joint with someone else or if you designate it as a POD account (paid on death) it would go to that person. Otherwise you would designate in your will where it is supposed to go.
Reply:No the bank doesn't get the money. If the deceased's estate doesn't claim it, it is held in trust for the legal heirs of the deceased.





TX Mom
Reply:Generally it would be left to someone in their will.
Reply:yes if there is no will or relatives