What happens to your Novo accounts when you die

Novo Business Checking

A business checking account opened in the name of a business (sole proprietorship, LLC, or corporation) and held at Middlesex Federal Savings, F.A., Member FDIC. Novo offers no payable-on-death designation and no transfer-on-death registration on it — those are consumer-account features, and Novo has no consumer accounts. It also cannot be retitled into an owner's personal revocable living trust: the money belongs to the business, not to the owner personally. On the owner's death the account passes with the business interest — under the operating agreement or bylaws for an LLC or corporation, and through the estate for a sole proprietorship or single-member LLC. Novo will not transfer the account to a successor owner: the primary owner on an account cannot be changed, so the account is closed and the new owner applies for a new one.

Novo Reserves

A budgeting feature inside the Novo Business Checking account that sets money aside for taxes, expenses, or owner pay. Novo states that Reserves are not separate accounts — the money is still part of the total checking balance. For an executor that matters: Reserves are not separate assets to inventory or claim, and they carry no separate beneficiary. They are part of the one business checking balance, and access to them ends when the account is closed.