What to do when a Chase account holder dies

Completed by the beneficiary or fiduciary. Sent by the institution on request.¹

Completed by a beneficiary of the deceased account holder's account. Available to download.²

On proof of death Chase may pay a payable-on-death or "in trust for" account to the surviving beneficiaries, in equal shares unless its records say otherwise, and may require estate documents to pay any post-death deposits.³

Chase does not offer payable-on-death accounts or "in trust for" accounts in all states.³

When one owner of a joint account with rights of survivorship dies, ownership passes to the surviving joint owners and the deceased owner's estate has no rights to the account.³

Without rights of survivorship, a deceased joint owner's interest passes to their estate, and either the surviving owners or the estate may withdraw the funds at any time.³

If no TOD beneficiary claims within 6 months of the account holder's death, the assets become part of the estate on the personal representative's instruction. A personal representative's affidavit needs letters of administration dated not more than 60 business days before it.⁴

To transfer a TOD account J.P. Morgan Securities requires a certified death certificate, any inheritance tax waivers the state requires, and an affidavit in its form sworn by the beneficiaries or the personal representative.⁴

If no updates are made to a home loan, it stays in the deceased customer's name, and with no living customer on it, the information needed to keep it in good standing is difficult to get.⁵

Chase's home lending kit says that if full payments stop, the loan goes into default and the property could be lost.⁶

Accounts in Louisiana do not have rights of survivorship.³

J.P. Morgan Securities TOD designation accounts are not available to residents of Louisiana.⁴

Accounts in Texas have no rights of survivorship unless the signature card and the account title clearly indicate the account is created with them.³

When one owner of a Wisconsin marital account dies, the survivor takes 50% and the deceased spouse's estate 50%. A payable-on-death beneficiary on a marital account takes the deceased spouse's 50%.³

A Florida joint account owned only by two spouses is a tenants by the entirety account unless the signature card indicates otherwise.³

It may cancel debt on 1-4 unit or manufactured-home mortgages, auto loans (keep the car; assume or return a lease without fees or penalties), credit cards (a jointly liable spouse may change liability and keep the card), overdrawn or charged-off balances, and business debt by ownership share. Abroad: 1-318-340-3380.⁷

Who qualifies: Eligible spouses and dependents of Chase military customers who were killed in action, died of wounds received in action, or died in a combat theater of operations since January 1, 2011.

1-877-469-0110

A survivor checklist covering the death certificate (it notes you may need up to ten copies), the will, Social Security numbers, certificates and policies, and financial documents. It is linked from the Estate Services page.⁸

Section G, "Death or Incompetence of Account Owner or Sole Signer," asks you to tell Chase immediately. Until it receives notice, Chase may act as if all owners are alive and competent.³

After notice, Chase "may freeze your balance, refuse to accept transactions, and reverse or return deposits," and need not release funds until it has the documents it reasonably requests. A "decedent hold" prevents closing the account on request.³

If the deceased person owed Chase a debt, Chase may set it off against the funds credited after death, even where a surviving joint owner, a payable-on-death payee, or an "in trust for" or "trustee for" beneficiary has rights to the account.³

A transaction an owner authorized that is presented for payment after the owner dies may still be paid.³

If the account owner dies while residing outside the United States, Chase may require a personal representative appointed by a court in a United States jurisdiction.³

Chase says required documents may vary by account and state requirements and may affect settlement time.⁹

"An agent's power of attorney on an account is terminated when the account owner dies."³

An agent with a power of attorney cannot open an estate account.¹⁰

Anyone can report a death, but account information generally goes only to parties with authority, such as the executor or administrator, an attorney for the estate or executor, or a personal representative. Chase shares nothing with anyone else.¹¹

J.P. Morgan says anyone with the necessary documentation can report a client's death, and gives account information only to the estate's fiduciary, an attorney for the estate, or a TOD or IRA beneficiary.¹

J.P. Morgan pays inherited assets by internal transfer to a J.P. Morgan Wealth Management account, by ACH to a Chase account, or by check, and notes the choice may have tax and other planning implications.¹

In a dispute over a TOD account, J.P. Morgan Securities may require the parties to resolve it by adjudication, arbitration or another method it accepts before transferring assets, and may freeze the account until a court order.⁴

Chase Home Lending charges no fee for changes made after the death of a customer.⁵

If Chase has a tax liability because it paid the balance to the estate, the estate must repay it.³