What happens to your bank account when you die?
If you haven't planned for it, it can be a big headache. For one San Diego woman who lost two brothers within a month of each other, it turned into a year-long struggle.
"My brother died in Mexico on July 5th and just two weeks after we buried him, the other died on August 6th," said Carolina Sánchez. "I was still processing one death when the other happened."
Her brother Leopoldo Perez Sánchez died in North Carolina, after he caught COVID-19 at the age of 60. She flew there to put his affairs in order and arrange the funeral. Going through his documents, Sánchez said she learned he had a savings account with Wells Fargo.
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She said she hoped it might pay for the funeral costs, so she went to try and access it because her brother was not married and did not have any children. Even though she had all his personal documents and death certificate, Sánchez said she couldn't get anywhere.
After nearly a year, Sánchez reached out to NBC 7 and Telemundo 20 Responds. We contacted Wells Fargo and learned that Mr. Sánchez did not have a beneficiary on his account, something that many of us might also not have designated.
In a statement, Wells Fargo said "When a loved one passes away, we know dealing with their finances can be overwhelming. We are here to help make it as simple and straightforward as possible."
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"We provide information and tools on our Estate Care Center that can help family members with required documentation. It’s important to know the required documentation can vary from state to state. We encourage customers who have questions or concerns to contact us."
So how can you avoid this happening to you or your loved ones? It all starts with planning.
- Make a will
- Appoint a beneficiary or personal representative on your accounts
- Collect all your documents for financial accounts
After NBC and Telemundo reached out to Wells Fargo, they put Sánchez in contact with a local branch, where she was able to get the check with her brother's savings of around $1,500. While it wasn't enough to cover the funeral expenses, she says she can put this struggle to rest, knowing he would be happy that his savings went to help his family.
"Telemundo Responde is the one that made everything a reality, this achievement after more than a year," said Sánchez. "Telemundo does respond."
