Extension Office: Accessing a Deceased Person's Financial Accounts

When a Montana resident dies, state law provides a process for deciding who is legally entitled to inherit financial accounts the deceased had with banks, credit unions or other entities such as brokerage firms. Montana property and contract laws, and provisions under the Montana Uniform Probate Code, dictate who becomes the legal successor(s) of certain accounts.

“For example, when two people have a savings account in joint tenancy with right of survivorship, the surviving joint tenant becomes the legal successor. If an owner placed a payable on death designation (POD) on a savings account na...