If a loved one passes away, before you go to the Clerk of Court, you should first contact the bank where your loved one had accounts or loans. This becomes especially important if they have auto-draft payments or a mortgage on property.
Freeze the Account
In today’s automated world, most bills are set up with an auto pay feature, and lord knows what is hitting that account each month. The best way to prevent a substantial loss of money from the decedent’s estate is to inform the bank. The bank will freeze the Decedent’s account until the Executor or beneficiary/joint owner can withdraw the funds.
