What happens to a joint bank account if one of the account holders dies?

Joint bank accounts are very common, as they often make it easier for several people—usually couples, family members, or partners— to manage funds . Managing them on a daily basis helps coordinate shared expenses, make payments more easily, and maintain clearer control over shared income and expenses. But what happens if one of the account holders dies ?

Although it's a situation we don't like to put ourselves in, the truth is that we may have to deal with it at some point in our lives, and we should know how to deal with it.

In this regard, it should be noted that the death of a joint account holder does not usually have an immediate impact on the account and the surviving person can normally continue using it without any problem, although the bank will have to be notified of the death so that it can update its records, as Allianz Seguros points out.

Therefore, the living joint owner must submit the death certificate , which will certify the death, their ID , which will serve to prove their identity, and the will. If there is one, this last document will indicate how the inheritance will be distributed.

There may be complications

Although, as a general rule, death shouldn't change anything in this account, the reality is that a series of complications can arise that change the way you deal with it.

• If there is a will: This document may specify specific conditions regarding the use of the funds, so the joint owner would not be able to freely act on the shared account.
• There are other heirs : The heirs of the deceased person can claim their share of the inheritance, including proportional money from the joint account.

Normally, the bank decides not to block the account , but it may do so until the situation is clarified and all the required documentation is submitted.