Can a Beneficiary Ask to See Bank Statements
We get the question "Can a Beneficiary Ask to See Bank Statements" and here's what you need to know!


Date Published: February 25, 2022
Digital Consumer

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Adding a beneficiary to your bank accounts is a great way to turn your bank accounts into an informal trust or payable upon death account (POD).

The process is 100% free and easy to do and it ensures that someone will receive your money should you pass away.

One reason some people are hesitant to add a beneficiary to their accounts is because they don’t understand the rights a beneficiary has.

Can a Beneficiary Ask to See Bank Statements?

Can a Beneficiary add or remove money from the bank accounts while I am alive?

Can a Beneficiary obtain a debit card to my checking accounts?

In today’s post we are going to quickly review what a beneficiary can and cannot do.

can a beneficiary ask to see bank statements

What is an Account Beneficiary?

In a nutshell, the beneficiary is the person you choose to inherit your account once you pass away.

After your death, any money left in your bank account will transfer to your beneficiary.

Anyone can be your beneficiary from your spouse to your children, siblings, childhood best friends, or even a charitable foundation of your choice.

You can assign one beneficiary who will receive 100% of the account balance or you can assign multiple beneficiaries who can receive a percentage determined by you.

Can a Beneficiary Ask to See Bank Statements

The answer to this question is both yes and no.

While you are alive, the beneficiary has zero rights to your bank account information.

Your accounts are your personal property and are therefore private and to be used at your discretion.

You can deposit, withdraw, add or remove features, and or change beneficiaries as you please.

A beneficiary can not see your accounts, they cannot withdraw or deposit funds, they cannot obtain a debit card, and they cannot ask any questions regarding the account.

As long as you are alive, your account is 100% private and they have no rights or access to any of your information or money.

In fact, you can add a beneficiary without ever even telling them until you are ready.

Once you pass away, the beneficiary will then have rights to your bank accounts and will therefore be able to see bank statements.

Beneficiary have no rights to see bank statements until after you pass away.

Once you pass away, the beneficiary will have the right to collect any money remaining in the account or accounts under which they have been listed as the beneficiary.

To do so, they simply need to bring proper identification and a certified copy of the death certificate to the bank.

Rest assured that your information is completely secure until after you pass away and the rights to the account are only transferred to your beneficiary once you pass.

Should you Have a Bank Account Beneficiary?

Should you Have a Bank Account Beneficiary

If you do not have a beneficiary on your accounts and you pass away, your accounts enter probate and a lengthy legal process to determine who should be your next of kin and receive the money in your accounts.

Probate can take months or years and your loved ones will have no access to the accounts that you perhaps intended for them to have.

Adding a beneficiary to your bank account is free and can be easily done online or with a banker in a matter of minutes.

Having a beneficiary simply ensures that your loved ones have access to your personal property when you pass.