What Happens to Your Accounts When You Die: The Master Checklist by Account Type
Most estate planning guides cover bank accounts and retirement funds. Almost none tell you what happens to your Netflix account, your airline miles, or your PayPal balance.
This is the one-stop reference — every major account type, what actually happens at death, how fast it happens, and what your family needs to do. It's written for two audiences: people organizing their own affairs, and families dealing with an estate right now.
The golden rule: anything that passes by beneficiary designation stays out of probate. Everything else — particularly accounts with no beneficiary — may require months of legal process to access.
Transfers directly
Has named beneficiary or joint owner
Action required
Family must contact and claim
Probate required
No beneficiary — goes through court
🏦 Bank Accounts
Checking, Savings, Money Market, CDs
Joint account (with right of survivorship)
Low urgencyTransfers automatically to the surviving joint account holder. Present the death certificate to the bank. No probate required.
What to do:
Go to the bank with the death certificate. The account becomes solely yours.
⏱ Typical timeframe: 1–2 weeks
Individual account with POD beneficiary
Low urgencyTransfers directly to the named Payable-on-Death beneficiary. Outside of probate.
What to do:
Beneficiary brings death certificate to the bank and provides their ID.
⏱ Typical timeframe: 2–4 weeks
Individual account, no beneficiary
Probate requiredFrozen immediately upon notification. Becomes part of the estate. Must go through probate. Executor needs Letters Testamentary from the court.
What to do:
Executor must go through the probate process and present court documents to claim.
⏱ Typical timeframe: Months to over a year
CDs (Certificates of Deposit)
Check beneficiaryIf jointly owned or has a POD beneficiary, transfers like a savings account. If individual, goes through probate.
What to do:
Check for joint ownership and beneficiary designations — same rules apply.
⏱ Typical timeframe: Varies
📈 Investment & Brokerage Accounts
Brokerage, Stocks, Bonds, Mutual Funds
Brokerage account with named TOD beneficiary
Low urgencyTransfers directly to the named Transfer-on-Death beneficiary. Outside of probate. Investments transfer 'in kind' — they don't have to be liquidated first.
What to do:
Beneficiary contacts the brokerage with a death certificate and completes transfer forms.
⏱ Typical timeframe: 3–6 weeks
Brokerage account, no TOD beneficiary
Probate requiredGoes through probate as an estate asset. Executor will eventually liquidate or transfer holdings.
What to do:
Executor must present Letters Testamentary and work with the brokerage.
⏱ Typical timeframe: Months
Stock certificates (paper)
Locate firstMust be transferred through the estate. Physical certificates require additional steps through a transfer agent.
What to do:
Locate all paper certificates. Work with a transfer agent designated on the certificate.
⏱ Typical timeframe: Months
🏛️ Retirement Accounts
401(k), IRA, Roth IRA, 403(b), Pension
401(k) or IRA with named beneficiary — spouse
Important — time-sensitive electionsSurviving spouse has maximum flexibility. They can roll it into their own IRA (deferring taxes indefinitely) or take distributions.
What to do:
Contact the plan administrator. Complete a spousal rollover or beneficiary distribution form.
⏱ Typical timeframe: 1–3 months
401(k) or IRA with named beneficiary — non-spouse
Tax implications — consult advisorUnder the SECURE Act (2019), most non-spouse beneficiaries must withdraw the full account within 10 years. Some exceptions apply (disabled, chronically ill, minor children).
What to do:
Contact plan administrator. Understand withdrawal timing and tax implications — consider consulting a financial advisor.
⏱ Typical timeframe: Ongoing (10-year window)
Retirement account with NO named beneficiary
Probate + tax hitGoes through the estate and probate. Loses the tax advantages of beneficiary designation. All money becomes taxable in a shorter window.
What to do:
Probate required. Estate pays income taxes on distributions. This is why naming beneficiaries matters.
⏱ Typical timeframe: Months, then accelerated distribution
Pension / defined benefit plan
Contact immediatelyDepends entirely on the plan. Many stop at the retiree's death. Some offer a 'survivor benefit' option that pays a reduced amount to a surviving spouse — but only if that option was elected at retirement.
What to do:
Contact the employer's HR or benefits department immediately. Ask about survivor benefit options.
⏱ Typical timeframe: Stops at death unless survivor benefit elected
🛡️ Insurance
Life Insurance, Annuities
Life insurance with named beneficiary
File claim promptlyPaid directly to the named beneficiary. Does NOT go through probate. One of the fastest and cleanest transfers in estate law.
What to do:
File a claim with the insurance company. Need: death certificate, policy number, beneficiary ID.
⏱ Typical timeframe: 2–8 weeks after claim filed
Life insurance — beneficiary is 'Estate'
Probate requiredGoes through probate. Loses the speed advantage of beneficiary designation. A common estate planning mistake.
What to do:
Goes through probate. Can be avoided in the future by naming a specific person.
⏱ Typical timeframe: Months
Annuity with named beneficiary
Consult financial advisorTransfers to named beneficiary. Tax treatment depends on annuity type and how payments are structured.
What to do:
Contact the insurance company. Beneficiary elections vary — some take a lump sum, others continue payments.
⏱ Typical timeframe: 1–3 months
💻 Digital & Online Accounts
Email, Social Media, Cloud Storage, Subscriptions
Email (Gmail, Yahoo, Outlook, Apple Mail)
Request data downloadAccounts do not automatically close. Google allows account download and deletion requests from verified family members — but does NOT provide password access. Apple's Digital Legacy feature lets pre-designated contacts access iCloud data.
What to do:
File a next-of-kin request with Google, Apple, or Microsoft. Death certificate required. Access is limited — no passwords shared.
⏱ Typical timeframe: Ongoing (account stays active until closed)
Facebook / Instagram (Meta)
No auto-close — family must requestAccounts can be memorialized (turned into a tribute page) or removed. You can designate a Legacy Contact in your settings while you're alive. Without pre-designation, a family member must submit a special request.
What to do:
Family submits a memorialization or removal request at facebook.com/help. A death certificate may be required.
⏱ Typical timeframe: Weeks to process
PayPal, Venmo, Cash App
Claim balance — it's real moneyBalances can be claimed as an estate asset. Accounts don't close automatically. Family must notify the platform and go through a claims process.
What to do:
Contact the platform's support with a death certificate and account information. Request balance transfer to the estate.
⏱ Typical timeframe: 1–3 months
Cloud storage (iCloud, Google Drive, Dropbox)
Act quickly — access can be lostFiles do not automatically transfer to family. Without access credentials, family may lose irreplaceable photos and documents.
What to do:
Try to access while the phone is still unlocked. Apple's Digital Legacy and Google's Inactive Account Manager can help if set up in advance.
⏱ Typical timeframe: Account may suspend after inactivity
Streaming subscriptions (Netflix, Spotify, Amazon Prime, Hulu)
Cancel to stop chargesContinue billing whatever card is on file. They do not stop automatically.
What to do:
Cancel each subscription. You'll need account login or the ability to cancel via the credit card company.
⏱ Typical timeframe: Ongoing billing until cancelled
Amazon account
Cancel orders; claim gift card balanceBalances, gift cards, and Prime memberships can be addressed as estate assets. Family cannot inherit the account itself. Subscribe & Save and other auto-orders continue until cancelled.
What to do:
Contact Amazon with a death certificate to close the account. Cancel any auto-orders.
⏱ Typical timeframe: Ongoing until cancelled
Airline miles / hotel rewards programs
Transfer before closingMany frequent flyer programs allow miles to transfer to a surviving spouse or estate — but only if you ask before the account is closed. American Airlines, Delta, and United all have transfer processes. Points typically expire once the account is closed.
What to do:
Contact the airline or hotel loyalty program before closing the account. Have a death certificate ready. Transfer, then close.
⏱ Typical timeframe: Transfer before account closes
🏠 Utilities & Regular Bills
Electric, Gas, Water, Internet, Phone
Utility accounts in the deceased's name
Transfer or reduce — don't forgetContinue billing. The estate is responsible for utility bills until the account is closed or transferred.
What to do:
If someone is staying in the home, transfer the account to their name. If the home is vacant, consider reducing service. Eventually close when the property is sold or transferred.
⏱ Typical timeframe: Ongoing until changed
Cell phone plan
Cancel or transferContinues billing until cancelled. The phone number can often be transferred to a family member's account.
What to do:
Contact the carrier. Cancel the line or transfer the number. Many carriers have bereavement policies.
⏱ Typical timeframe: Ongoing until cancelled
Internet / cable
Cancel with death certificateContinues billing. Can usually be cancelled without early termination fees if you provide a death certificate.
What to do:
Call the provider with a death certificate. Request account closure and return any leased equipment.
⏱ Typical timeframe: Ongoing until cancelled
The Priority Action List for Families
If you're dealing with an estate right now, here's the order of priority:
First 48 hours
File the death certificate with each institution. Contact life insurance carriers. Notify Social Security (benefits will stop — overpayments must be returned). Secure the home and any physical valuables.
First 2 weeks
Notify all financial institutions. Transfer joint accounts. Cancel or freeze credit cards to prevent fraud. Cancel recurring subscriptions to stop billing. Claim PayPal/Venmo balances before accounts are closed.
First month
File life insurance claims. File beneficiary claims on retirement accounts and brokerage accounts. Contact pension administrator. Address utility accounts and phone plan.
Ongoing (if probate required)
Work with estate attorney to open probate. Gather documentation for all accounts without beneficiaries. Follow the court process — it takes time. Transfer airline miles and rewards points before accounts expire.
Related
Give your family this list — filled in.
The hardest part of settling an estate is not knowing what accounts exist. mylifeledger.com is where you document every account, policy, and contact — so your family isn't starting from zero.
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