Estate Account

Redstone Federal Credit Union® offers Estate Accounts as a service to our membership. Estate Accounts can be opened by a court appointed representative, also known as Executor or Administrator. Accounts of the deceased individual are transferred to the Estate Account, and the Estate Account is used to collect money due to the estate. The estate's representative is responsible to the court for all the assets of the estate. He or she uses the funds in the Estate Account to pay taxes and other obligations of the estate. Remaining funds are distributed according to the decedent's will and/or state laws.

The following requirements apply when establishing an estate account with Redstone Federal Credit Union:

  • Court issued Letters of Testamentary or Administration
  • Identification of the representative that includes a photograph
  • Certified death certificate
  • Copy of an SS4 form verifying the assigned tax identification number of the estate (this can be applied for online)
  • Deceased must have been a member in good standing with the Credit Union.

Losing a loved one is extremely difficult. Managing the demands placed on the Executor or Administrator can be overwhelming. The following list of reminders may offer assistance:

  • Social Security: Contact your local office and set up an appointment to learn more about benefits to which you may be entitled. If the decedent was receiving Social Security benefits, you must advise Social Security of the death as soon as possible. Contact information for Social Security is: Toll free 1-800-772-1213 or online at http://www.socialsecurity.gov/survivors/
  • Retirement Benefits: Contact previous employers if your family member was receiving a pension or other retirement benefits.
  • Employer / Previous Employer: Ask the employer about Employee Assistance Programs and whether or not you are a beneficiary of any life insurance policies.
  • Insurance: Contact the deceased's insurance agent about any life insurance policies.
  • Verify ownership of accounts and notify financial institutions of the death.
  • Destroy credit and/or debit cards and cancel lines of credit held in the name of the deceased. Inquire about loans that may have had credit life insurance and be sure a claim is filed.
  • If an account is an Individual Ownership: Ensure funds are secure, request that direct deposits and automatic debits be canceled.
  • Determine if property held individually requires probate or if it can be distributed another way.
  • Consult an attorney and/or tax advisor for assistance and counsel.
  • Request multiple copies of the death certificate. It's a good idea to order a minimum of ten.

If you have any questions please contact us at 1-800-234-1234 or stop by a branch convenient to you.


Must be eligible for membership and open a share savings account in order to join RFCU® and open an estate account. A $5.00 minimum balance is required to open and be maintained in share savings account. Fees and other restrictions may apply.

Minimum balance required to open estate savings account is $5.00. Only the estate representative(s) may be named on the account(s). No joint owners or beneficiaries may be added to account(s). The deceased member and the estate representative must not have caused RFCU a loss to be eligible to open account(s). Other restrictions may apply.

The information provided above is not intended to and should not be considered legal or financial advice. Please contact an attorney or tax advisor for advice or counsel. Federally insured by NCUA.

Open an Account Today

To open this account, please visit any branch or call 800-234-1234.

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