How to Gain Access to Accounts as a Personal Representative in Probate Matters

Obtaining access to a deceased’s bank accounts is one of the first – and sometimes the most difficult – task for a family member after a loved one passes away. Accounts such as bank accounts, investment portfolios, retirement funds, and online assets must be safeguarded, inventoried, and secured.

But family members often don’t know where to begin, commonly asking questions: “What documents do I need? Why won’t a bank talk to me? How do I prove legal authority?”

The good news is that, for assets in the deceased’s name alone, by becoming a personal representative, you can speed up the process, prevent delays, and confidently perform your responsibilities with the right legal preparation. Collens Estate Law can guide you as a Personal Representative through the exact steps needed to avoid delays and comply with Michigan probate courts, protecting the deceased’s assets and your personal liability.

Understanding Your Authority as Personal Representative

Before you can gain access to any of the deceased’s accounts, it’s important to know what gives you the legal authority to do so.

What is a Personal Representative?

In Michigan, access to a deceased’s accounts doesn’t come automatically; even if you are named in the will, you must still be formally appointed by the court as a personal representative (sometimes called an executor or administrator in other states). Your responsibilities include collecting and inventorying estate assets, paying estate debts, and distributing property to beneficiaries.

Court Appointment: Your Key to Access

Letters of Authority, also known as Letters Testamentary or Letters of Administration, are the source of your authority as a personal representative. Bank institutions need this court official document in order to provide you with information and grant you access to the deceased’s assets and bank accounts. Without it, attempts to gain access might cause delays and potentially expose you to legal repercussions.

Required Documentation to Access Accounts

Financial institutions have strict rules for gaining access to accounts; even missing one can delay access for weeks. You may need to gather additional documents other than the Letters of Authority before approaching these institutions. Requirements may vary, but most will ask for:

• Letters of Authority (primary requirement): These must be official documents issued by the probate court.
• Certified copies of the death certificate: Most personal representatives will need multiple copies, and institutions may require originals rather than a scanned or photocopied version.
• Your identification: A driver’s license, passport, or government-issued ID.
• Tax ID Number (EIN) for the estate: This IRS-issued tax identification number is necessary to open a separate account.
• Account-specific requirements: Some financial institutions may require a notarized document or their own internal probate forms
• After you submit your documentation, most institutions take 3 to 10 business days to verify it and grant you access. Some institutions may be faster, while larger national banks or investment firms may take longer due to their internal compliance procedures.

Step-by-Step Process for Gaining Account Access

Step 1: Locate All Financial Accounts

Before you can access a deceased person’s accounts, you need to know which accounts exist. Begin by thoroughly searching the deceased’s residence for financial statements, bills, and tax returns. Tax returns are highly valuable because they often reveal income, dividend payments, and retirement account distributions that can help you find previously unknown accounts.

Contact any financial institutions you know the person used, and check incoming mail carefully during the weeks following the death, as monthly statements and bills will continue to arrive. If the deceased person used online banking, try to access their email or computer to find electronic statements and account information.

For complicated or large estates, consider hiring an estate attorney for guidance and a professional fiduciary, as these professionals have experience locating and uncovering accounts and assets that family members might overlook.

Step 2: Present Documentation to Financial Institutions

Rather than visiting the local branch immediately, contact each institution’s probate or fiduciary department. These departments handle estate matters regularly and can tell you exactly what they need.

In fact, many banks and institutions nowadays allow you to email or fax your Letters of Authority and certified death certificate, but they may require the original document for final processing.

Allow time for documents to process. This typically takes 3 to 10 business days.

Step 3: Establish Estate Account Access

Once an institution validates your authority, you will need to retitle existing accounts.. For accounts that will remain open during estate administration, such as checking accounts used to pay ongoing bills, you’ll need to retitle them in the name of the estate. For accounts that will be liquidated and distributed, you might needto create a separate estate account to collect assets.

The cleaner approach is to generally open a dedicated estate account. It establishes a clear distinction between estate administrative tasks and the deceased person’s accounts. Obtain a checkbook and debit card for the estate account and set up online banking to make tracking transactions easier.

Step 4: Document Everything

Maintaining accurate records is essential for personal representatives as it shields them from liability and makes final accounting easier.

Start by requesting account statements from financial institutions showing the balance on the date of death. For tax and distribution purposes, these values help determine the estate’s value. Keep thorough records of all transactions pertaining to estate accounts and meticulously record account numbers and the institution contacts for each institution’s estate services department.

Once you distribute assets to the heirs (for estates without a will) or devisees (for estates with a will)and, as needed, submit your reports to the probate court, this paperwork is crucial to protecting you personally from liability and shows you’ve managed estate assets appropriately.

Common Challenges Personal Representatives Face

Obstacles can arise even for well-prepared personal representatives. These challenges can delay access to the deceased’s assets and prevent distribution to beneficiaries.

Certification, Notarization, Medallion Signature Guarantee, and Apostile Requirements

Although a court-sealed document should be sufficient, some institutions may require certified copies of court documents.  This is particularly true for out of state or out of country administrations that are connected to Michigan assets and/or estates. You may need to have documents notarized or medallion signature guaranteed.  The medallion signature guarantee is a special financial industry process that can only be obtained through banks and certain financial institutions.  For out of country estate administration, you may need to have local probate documents certified with an apostile – which is a more extensive process that is governed by international treaties.

Online-Only Banks

Unlike traditional banks, digital-first institutions often have different procedures and may lack a dedicated probate or legal department. This usually means you’ll have to go through traditional customer service. Be patient, and if needed, ask to escalate your matter to a supervisor.

Joint Account Complications

Accounts held jointly with rights to survivorship usually pass directly to the surviving account holder, bypassing probate completely. However, you may still need to provide a death certificate to remove the deceased person’s name.

Cryptocurrency and Non-Traditional Assets

Digital assets present unique challenges. Without access to passwords, private keys, or wallet information, cryptocurrency or other online assets can be extremely difficult, or even impossible, to recover. If you suspect the deceased held cryptocurrency, be on the lookout for exchange account statements (Coinbase, Binance, etc.), hardware wallets (physical devices that look like USB drives), password managers or secure notes with wallet information, and/or tax documents that show cryptocurrency transactions.

Missing or Delayed Documentation

In the event that death certificates are delayed or court proceedings are taking longer than expected, financial institutions will not grant access. Keep in contact with the vital records office and probate court to expedite processing if possible.

Institutions Requiring Original Documents

Some banks refuse to accept certified copies and insist on receiving original court documents. Since you’ll need originals for multiple institutions, we recommend requesting several certified copies from the court at the outset.

Timeline Expectations for Account Access

Understanding realistic timelines helps you manage your own expectations and those of the ultimate recipients of the funds – the heirs and/or devisees. While timelines can vary depending on the complexity of the estate, most Personal Representatives can expect:

• Initial document gathering: 1-2 weeks
• Bank verification: 3-10 business days per institution,
• Full account access and transfers: 3-4 weeks from appointment
• Longer timelines for online banks, investment firms, and retirement accounts.
• In contested or complex estates, this process can take significantly longer.

Why Professional Help Matters

While it may be possible to navigate account access on your own, many Personal Representatives find that professional assistance makes the process smoother and less stressful.

• Working with an experienced estate attorney helps:
• Ensure compliance with Michigan probate requirements
• Communicate directly with financial institutions on your behalf
• Protect you from personal liability
• Speed up the overall process
• Coordinate multiple institutions and professionals simultaneously
• Navigate difficult or disputed accounts
• Key Takeaways for Personal Representatives

As you begin the process as a personal representative, it’s important to keep in mind that, first and foremost, do not attempt to access any accounts before obtaining your court appointment and Letters of Authority. The formal process exists to protect everyone involved, including you.

Gather all required documentation upfront before contacting financial institutions, and request several certified copies in case institutions require original court documents.

Set realistic expectations about timing. Plan on three to four weeks for full account access under normal circumstances. Be patient and allow for extra time if the estate is complex or involves many institutions.

Keep detailed records of absolutely everything. Your future self will thank you when it’s time to file your accounting with the court or when responding to beneficiary questions.

Finally, don’t hesitate to ask for professional guidance. The cost of experienced legal help is modest compared to the value of the estate and the peace of mind it provides. At Collens Estate Law, we’re here to help personal representatives navigate these challenges efficiently and with confidence and compassion.

If you’re serving as a personal representative and are in need of assistance gaining access to accounts or with any other aspect of estate administration, contact us at Collens Estate Law today. We’ll guide you through every step of the process, guaranteeing you fulfill your responsibilities while protecting yourself and honoring your loved one’s wishes.