Legal consequences of the death of a bank account holder

Abstract

The purpose of this article is to discuss the problem related to bank account contracts – specifically the legal consequence of the account holder. The subject matter includes the death of both the holder and the co-owner of the bank account. With the moment when the bank learns about the death of the holder, the account is blocked or closed and the money (usually) goes to a specially created account. The bank is also obliged, in connection with the death of the account holder, to pay the amount spent on his funeral from the funds accumulated on the account.