Can You Access The Bank Accounts Of Deceased Family Members?

If your family member passes away but doesn’t leave a will and only has their own name on the bank accounts, what happens to the funds in the accounts? What legal action can you take at this point?

Many individuals from older generations don’t communicate well about finances, and so many families find themselves in this situation. When someone does not have any estate planning documents in place or have anyone else on their bank accounts, surviving family may be left with many more questions than answers. 

For high net worth families, the stakes are even higher. Estates valued at $2 million or more take approximately two and a half to three times longer to settle than smaller estates, with probate costs typically ranging from four to eight percent of the total estate value in 2026. 

Our DuPage County estate planning attorney can help you if your parent has recently passed away and you are not sure what to do next. Call us today at 630-756-1160.

What Happens When Someone Dies and is the Sole Owner of Their Bank Accounts?

If someone is the sole owner of a bank account, the account will likely be closed upon their death. The bank may require a certified death certificate in order to close the account and distribute the funds. If the account is a joint account with another person, then typically, the other person on the account will be able to continue using it.

When the Account Has a Beneficiary 

Banks allow customers to name a beneficiary using a payable on death or transferable on death account. Under 205 ILCS 625/4, this means that when the account holder dies, the money in the account will automatically transfer to the named beneficiary without having to go through probate. The beneficiary simply needs to present a certified death certificate and proper identification to claim the funds.

When the Account Does Not Have a Beneficiary 

If no such beneficiary is named, the process is longer and more complicated. If the deceased person did not have a will, the court will appoint someone to act as the estate representative. A surviving spouse is usually the first choice. If there is no spouse, the decedent’s children, grandchildren, parents, or siblings are next in line.

The best way to avoid any issues with accessing the bank accounts of deceased family members is to have a clear estate plan. This includes designating an executor for an estate, as well as having other people on accounts as joint owners or beneficiaries.

How Can I Access My Deceased Parent’s Bank Account?

If you are the executor or administrator and need to access a bank account, you will need to provide the bank with:

• The death certificate of the account holder
• A copy of the Letters Testamentary or Letters of Administration issued by the probate court
• Your government-issued ID

It is important to keep in mind that any money in the deceased person’s bank account is considered part of their estate. It must go through probate before it can be distributed to beneficiaries. The only exception is if the account has proper beneficiary designations or is held jointly with the right of survivorship.

What Are Payable on Death and Transfer on Death Designations?

One of the most effective tools for avoiding probate on bank accounts is the payable on death designation. Illinois law specifically allows bank account holders to name beneficiaries who will automatically receive funds upon death. This simple designation allows your loved ones to claim funds within days rather than waiting months or years for probate.

Illinois also allows transfer on death designations for investment accounts, stocks, and bonds. Brokerage accounts can be registered in transfer on death form so a beneficiary inherits the accounts automatically without going through probate.

Illinois has also expanded transfer on death options to include real estate. This allows a home or other real estate to pass directly to a beneficiary without probate. As of 2026, this option is available for any type of real estate.

What Are the Costs of Probate for Bank Accounts in Illinois?

When bank accounts must go through probate, the costs can be substantial. Probate expenses in Illinois typically consume four percent to eight percent of the total estate value. For an estate valued at $2 million, this means probate costs could range from $80,000 to $160,000.

Attorney fees represent the largest expense. Fees of different kinds range can quickly add up. If a probate bond is required it can cost thousands of dollars.

Executor compensation is another significant cost. Illinois law allows executors reasonable compensation, typically $35 to $100 per hour. Since executors spend an average of 570 hours administering an estate, this compensation can total $20,000 to $40,000 or more.

How Can High Net Worth Families Protect Their Bank Accounts?

For families with substantial assets, proper estate planning is essential. 

Revocable Living Trusts

Establishing a revocable living trust allows you to transfer bank accounts and other assets into the trust, bypassing probate entirely. Upon your death, your successor trustee can immediately access these accounts and distribute them according to your wishes without court involvement.

Estate Tax Planning

Another important consideration for 2026 is Illinois estate tax planning. Illinois has a state estate tax with an exemption of $4 million. Estates exceeding this amount face state estate taxes in addition to potential federal estate taxes. Coordinating beneficiary designations with overall tax planning is important.

Updated Estate Plan Documents

Regular review of estate plans is crucial, particularly after major life events. Illinois recently raised its Small Estate Affidavit threshold to $150,000 and regularly adjusts estate tax exemptions. Your beneficiary designations on bank accounts override what your will says. An updated estate plan will ensure all components work together.

Call a Naperville, IL Estate Planning Attorney Today

It is important for you and your family members to address estate planning issues like bank account access in advance of any health issues. The more you plan now, the easier things will be for your loved ones if you pass away. 

Call Gierach Law Firm to get the estate planning help you need. Our Naperville estate planning lawyer specializes in working with high net worth families to create comprehensive plans. Call our office today at 630-756-1160 to schedule a consultation.