When Does a Bank Account Have to Go Through Probate?
Although we have already noted some specific instances where probate will be required for a deceased’s bank account, it is worth running through those points again.
In the case of an account solely owned with no paid-on-death beneficiaries listed, the account will unfortunately have to go through probate. Any of the other account types we listed, joint ownership or sole ownership with PODs, will not have to go through the probate process.
While it may be discouraging to be in a probate situation, there is some hope. Depending on the state you are living in, if the total amount of the deceased’s assets is small enough, then the estate may be considered a “small estate.” If this happens, then you will have access to more cost-effective options when trying to receive funds as well as having access to a much simpler probate process.