The process of transferring ownership of a financial account to Beneficiaries after Probate depends upon how the account was originally set up by the deceased.

Typically, account types include, but are not limited to:

• Financial accounts -- savings accounts, checking accounts, etc


• Financial portfolios -- stocks, bonds, mutual funds, brokerage accounts, savings bonds, etc


• Employee income -- accrued wages, unpaid vacation, sick pay owed, etc


• Cash -- held in the home or in a safe deposit box

Typically, these types of accounts are set up in the following ways:

Owned Solely by the Deceased

• Without a named Beneficiary, transferring these accounts requires authorization from Probate Court


• Once approved, the Administrator or Executor sends the financial institution a copy of the Death Certificate and Letters of Administration or Letters of Testamentary to begin the transfer

Payable on Death

• Also known as Transfer On Death (TOD), these types of accounts automatically transfer Assets to designated Beneficiaries after a death


• To begin this process, the Administrator or Executor sends a copy of the Death Certificate to the applicable financial institution (bank, investment firm, etc)

Jointly Owned Accounts

• These types of accounts are held simultaneously by multiple people


• Ownership of the entire account passes to the surviving person after the death another owner


• To begin ownership transfer, the Administrator or Executor sends a copy of the Death Certificate to the applicable financial institution (bank, investment firm, etc)

Accounts Held in Trust

• These types of accounts automatically transfer Assets to a designated Beneficiary after a death


• To begin this process, the Executor sends a copy of the Death Certificate to the applicable financial institution (bank, investment firm, etc)

Note: each financial institution may have their own requirements and processes, to transfer ownership to Beneficiaries, so check with the company before beginning.

Managing the finances of an Estate can be challenging and so a Probate Attorney or Estate Accountant can be very helpful; see the below links to search for local professionals for hire.