MarketWatch

How to give your heirs quick access to your bank accounts when you die

Would your loved ones have necessary access to your bank accounts after you die to help carry out your last wishes and handle arrangements? “If you have a bank account in a single person’s name, it can take time to get access to,” says Chester Spatt, professor of finance at Carnegie Mellon University’s Tepper School of Business in Pittsburgh. To avoid that problem, you can designate a beneficiary on your bank accounts such as CDs, checking or money markets through what are known as Payable on Death Accounts (POD), sometimes called Transfer on Death accounts or Totten accounts.

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