2 ms·

I’m not sure why reliable, timely news of the death of the person who set up the account would necessarily mean the company closing the account, as long as the

• justsomehnguy 3y ago
  > mean the company closing the account The account with the money, not with the service. > Your estate is a legal entity. Only after the executor probated your will and therefore received the rights to manage your assets. Until then nobody can (at least legally) to do anything with the money. And while nobody would bother with an automated subscriptions (till there are enough money on the account ofc) there could be problems if the assets would be frozen until the executor would claim the rights for them. Or if the bank just outright cancel or disable the card to prevent unauthorized (hey, the guy is dead, he can't consent!) withdrawals or payments. > as long as the bills were being paid Not every jurisdiction is fine with the money operations from a deceased person. EDIT: oh, and here even if you have a will signed yesterday and you are named the executor of the will you still need to wait a half of the year for the probate to complete. And IMMSMV you can ask the banks to freeze the assets, specifically till the rightful heirs would be determined. Specifically for a case when a loving niece, ex-gf, bff, whoever wouldn't be able to withdraw everything from the deceased's accounts.
  • ksenzee 3y ago
    Ah, the missing piece here (at least in the US) is that you always want to have a joint account with someone you trust (a kid, a spouse) so it doesn’t go into probate. Anything that needs to keep being paid after your death gets paid from that joint account.