Set up most bills on autopay and don’t tell anybody! 
I would think quarterly tax payments should cease on death.
In my experience, banks only knows an account owner has died is when someone specifically notified them, usually the executor closing accounts and accumulating them into a probate account (that may not be the correct term).
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Butler - that’s interesting.
I do my automated bill paying through the payee, so my electric bill auto pay is set up through them and attached to my bank routing numbers.
I don’t use the bank’s auto-pay system.
So I’m hoping that the bill-pay will continue until the account needs to be closed.
It will. When my sister died an electric bill was in the mail when we went down. I couldn’t access her bank account, but I did have some of her blank checks. She didn’t have anything set up online, so I went in to her electricity providers website and set up an account in her name and set up autopay, giving them her routing adn account number info. Was it wrong of me to do that? Maybe so, but she was in Dallas an the rest of her family was in Kansas and Colorado so trying to tie up loose ends was a little tough. After that is when I set up my checking account to Pay on Death to my daughter, so that she could at least have access to funds (other than hers) to pay my bills with after I pass.
Some of my utilities and insurance accounts allow one-time payments whereby you just have to know the account number and perhaps a zip code and they will let you pay by credit card. I don’t know about ACH.
Um…..yeah…..it was pretty much identity theft. However, this is one of those ask for forgiveness scenarios.
Yeah…wrong, but they got their money, It did make me think though…In the paperwork for my will I has a paper that lists where my accounts are (deposits, retirement, credit card and utility) so my daughter can notify them. I also made my checking account, house and car to be transfer on death to my daughter.
My best friend in Texas passed away a couple of weeks ago. He was 10 days older than me. That made me sit down and imagine what happens after I die. Kind of sobering.
Just be aware that if the bank where your safe-deposit box is located becomes aware of your passing, they will secure the safe-deposit box and not allow anyone to open it until probate. I actually keep that information in a binder in my home. I made up a secret question that you have to answer in order to figure out the passwords as written, but my heirs would know the answer (i.e. all my passwords include a seven digit zip code listed as “XXXXX" on by list but coded as “Dad’s zip code.” so that my siblings would know the answer). A thief breaking into my home would not be able to figure out the passwords on the list.
I have my sister as joint owner on my bank account and safe deposit box. I repeatedly asked the bank manager if she will have access when I pass and they said yes.
As Jacki Chan has a great clip on his consternation about needing ID to pay a water bill. One thing I was just made aware of (mid 60s getting my stuff in order) is that 2FA can really screw things up. There are some articles on covering this, but considering that someone dying IS VERY COMMON I would think there would be some sort of work in this area.
Then again, put your hope in one hand…
Why must these bills be paid? There’s no longer anyone using the utilities, etc. Can’t you just have them turned off? If there’s a mortgage on the house are you paying that too? Why?
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Whose going to turn off the utilities. And the electric and water bill was for things that were used the previous month. The biggest reason for paying the house payment is so the bank doesn’t foreclose and take the house before my heirs inherit it. But - I have all my utitlities and mortgage payments made automatically. So even if I"m dead, those payments will be made.
So your heirs inherit your mortgage? If they choose not to are they still responsible for it?
Your heirs inherit your house, but must sell it or refinance it. If they stop making payments on the house, the bank will take it and your heirs could lose any equity taht was in the home. .For example… I have a mortgage on my home and the balance is about $100K. The house is valued at $400K. It would behoove my heirs to keep making payments until it is sold and not complicate probate.
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Hi Nancy,
I went through something similar after a close family member passed away, and I learned that every bank seems to handle things a little differently. One thing I found helpful was meeting with the bank and asking exactly what happens to a joint account after one owner dies, since their policies can vary.
Besides the bank account itself, it may also help to make a list of all your recurring bills (utilities, insurance, internet, subscriptions, etc.), where they’re paid from, and keep that information with your estate documents. Making sure your executor or the person you trust knows where to find that information can save a lot of time and stress.
It might also be worth talking with an estate planning attorney to make sure your setup matches your state’s laws and your wishes. A small amount of planning now can prevent a lot of headaches for your family later.
I hope you find a solution that gives you peace of mind. It’s thoughtful of you to plan ahead so your siblings don’t have to deal with unnecessary complications.
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