upon death, your assets and liabilities become your “estate” which you can think of as a separate legal entity. There are various legal rules around managing the estate of someone who has died but the most important rule is: just because you’re dead, your next of kin does not have carte blanche to withdraw your assets. Depending on the value of your estate, it could actually be illegal for your next of kin to withdraw your money from Chip! The full process is straightforward, but lengthy, as it involves applying for the “grant of probate” which is the legal process that would allow your next of kin to withdraw your assets.
Managing probate as an individual is doable, but probably not worth the effort, so in most cases, it would be handled on behalf of your next of kin by a professional. Nowadays there are a few companies that do probate in a fintech-y way like Farewill and classic options like the Co-op.
If you wish to give your next of kin the easiest time managing your estate when you die: provide a breakdown of all your accounts (assets and liabilities). Access to the accounts is not necessary, because that’s handled by the account provider when they’re notified through the probate process. A will is a good idea too, can’t really go wrong by having a will, but not essential if your estate is simple.