Support for Life Transitions

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What to Know Before a Loved One Passes

1. Make Sure Account Ownership Is Clear

Banking and legal jargon can be confusing some times, let’s break it down what rights each type of joint, beneficiary, or power of attorney.

• Joint accounts usually remain accessible to the surviving owner.
• Make Joint Access on safety deposit box explicit. Just because they’re a joint on your account does not mean they have access to your safety deposit box.
• Individual accounts may be frozen once the credit union is notified of a death.
• Payable-on-Death (POD) beneficiaries allow funds to pass directly without probate.
• Power of Attorney: Power of Attorney ends at death but can still be extremely helpful while a loved one is living.

2. Add or Review Beneficiaries

Beneficiaries override a will, make sure to keep them up to date.

• Checking beneficiaries on:
  • Checking & savings
  • Money market accounts
  • CDs
• Updating them after major life changes.

3. Consider Adding a Trusted Person

• Joint owner (if appropriate): You can choose which sub account like savings, checking, club, etc that you add this person on.
• Authorized signer
• Power of Attorney (POA): Power of Attorney ends at death but can still be extremely helpful while a loved one is living.

4. Gather Important Financial Information

Provide a checklist:

• Account numbers & institutions
• Online banking login info (stored securely)
• Automatic payments & deposits
• Safe deposit box access

You don’t have to share passwords — just make sure someone knows where to find important things.

5. Talk About Final Expenses

Gently suggest:

• Pre-planning funeral or memorial costs
• Setting aside funds
• Identifying how expenses will be paid

What Happens to Accounts After a Loved One Passes

1. Notify the Credit Union

• We’ll need to be notified as soon as possible.
• Accounts may be temporarily restricted to prevent fraud. Our goal is to protect the account while helping your family move forward.
• If any Government direct deposits come in after death we are instructed to return them. If the deceased member was due this deposit, the next of kin will fill out paperwork with the government agency to receive the benefit.

2. Documents Typically Needed

To make this process easier, please bring with you the following documents.

• Certified death certificate
• Valid ID
• Legal documents (Letter of Testamentary)
• • What is a Letter of Testamentary?
    • A letter of testamentary is a court-ordered document that grants the executor of an estate the authority to manage the deceased person's assets. The executor of an estate is responsible for carrying out the wishes outlined in the will and handling financial matters — like settling debts and taxes, creating an inventory of assets and supervising the distribution of assets.
    • The creator of a will appoints an executor for their estate, but a probate court has to officially authorize it with a letter of testamentary. These letters — along with a legally binding certificate of death — serve as proof of your authority to settle a loved one's estate.

3. What Happens to Different Types of Accounts

Joint Accounts

• Usually remain open for the surviving owner

Accounts with Beneficiaries

• Funds are paid directly to beneficiaries
• Probate often isn’t required

Individual Accounts Without Beneficiaries

• May go through probate
• Access depends on court documentation

4. Automatic Payments & Deposits

• Social Security and pensions may need to be stopped or adjusted
• Automatic bills should be reviewed quickly
• Overpayments may need to be returned

5. Safe Deposit Boxes

• Access rules vary depending on the permission you granted
• Inventory or court permission may be required
• The credit union cannot open safe deposit boxes without the member’s key. Members are given two keys when they first sign up for a safety deposit box. Without the key, the credit union will have to have a company come and redrill the box-which can take sometime.

Helpful Tips for Caregivers & Families

• Take things one step at a time
• Keep copies of everything
• Ask questions — there’s no “wrong” one
• Don’t feel rushed to close accounts immediately
• Bring someone with you for support if needed

Grief is heavy. Financial decisions don’t have to be.

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