In the event of death, your bank accounts are closed by the bank with any remaining money used to pay out what you requested in your will.

If there is no will, ownership of the account and its assets will be transferred to your next of kin or estate administrator. It’s important to note that any credit card debt or personal loan debt will be paid from your bank accounts before the account administrator takes control.

In this event, having a well thought out estate plan can provide some certainty for loved ones.