The short answer
It depends on how each account was set up. A joint account with survivorship usually goes to the surviving owner. A payable-on-death or transfer-on-death account usually goes to the person named on it.
An account in your parent's name alone, with no one named, goes into the estate. It then passes under the will, or under state law if there is no will. In some states, money that passed directly can still be reached for the estate's debts.
This chapter explains how things usually work in the United States. It is not legal, tax or financial advice, and the rules where you live may differ. Before you act on anything here, check it with one of the people named at the end of the chapter.
What to do
- List each account and how it is titled.
- Ask each bank who is named on it.
- Ask what the named person needs to claim it.
- Leave estate accounts for the executor, or deal with them yourself if that is you.
- Ask the executor or the broker for each investment's value on the date of death.
- Keep the paperwork for taxes.
What can wait
- Selling inherited investments, until you know the basis.
- Spending money that came to you from a joint, POD or TOD account, until you have asked whether your parent's state can reach it for the estate's debts.
Who can help
Each bank or broker can tell you what it needs from you. Ask whether it has an estate team.
The executor can tell you what the estate holds. A tax preparer can answer questions on basis and what to keep. A probate lawyer can explain how your parent's state treats joint, POD and TOD money.
The rules, phone numbers and web addresses in this book were checked against the agencies’, courts’ and organizations’ own pages in October 2026. Where a rule differs by state, the book names one state as an example. Check anything you rely on with the office itself.
From Book 3: Their Money
This page has the short answer and the closing lists from chapter 7. The full chapter explains, in plain words, what exists, what to ask, and who can answer. The book covers months 1 to 12 after the death.
Questions near this one
Other questions on related subjects, from this book and the others.
- What is probate, and does this estate need it? Book 2, Being in Charge
- Do I owe tax on what I inherit? Book 3, Their Money
- How do I protect myself personally? Book 2, Being in Charge
- Who tells Social Security and the other offices? Book 1, The First Month
Hear when Their Money is out
A short note when each book is out. Five or six emails a year at most. You can unsubscribe whenever you like.