Close payor accounts last

To avoid unnecessary expenses and fees, close the accounts the deceased used to make payments last.

Important These accounts may have to be handled as part of probate and only by the deceased's estate's executor or administrator.

You will need to contact each bank's or credit card company's procedures and documentation requirements to close these accounts.

To prevent fraud or unwanted bills, freeze or close financial accounts that will no longer be used.

Accounts with named beneficiaries - also known as Payable on Death (POD) or Transfer on Death (TOD) - do not go through probate because the beneficiary automatically owns the POD or TOD asset once the account-holder dies.