Payableondeath bank accounts allow a bank to release funds to a named beneficiary on the account holder's death without the beneficiary having to go to court. How to file to receive funds from a Payable on Death Account (for a bank account):.One of your first duties as an executor should be to set up an estate bank account. You can request copies of bank statements, mortgage documents, and other financial information from the deceased person's bank or financial institution. Notify Bank of America. We'll ask you for the deceased customer's full legal name and Social Security number to identify their accounts. The Toolkit contains instructions on how to make a bank account payable on death. Each bank has its own form. Instructions to complete or cancel the paperwork and how to obtain a Payable on Death account from their bank are also in- cluded. If an individual only wishes to transfer a home, car, or money in a bank account, this Toolkit can avoid probate and save money.