Estate Checking | Personal Banking | Redstone Federal Credit Union

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Estate Account

Serving as an executor or administrator for an estate can be time-consuming and emotionally overwhelming. As you navigate these challenges, Redstone will be by your side. 

Are you a RFCU® member?

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How does it work?

An Estate Account is a special type of account opened by the estate’s executor after someone passes away. All of the accounts held by the deceased are transferred to the Estate Account, and the funds may be used to pay taxes, debts, and other expenses. An Estate Account also offers a simple way to collect money due to the estate.
If you are a court-appointed executor and you need to open an Estate Account for a deceased Redstone member, please contact us or visit a Redstone branch.

You'll need the following documents to open an Estate Account.

•  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 (you can apply for this online)

While performing your duties as executor, you may find these resources and reminders helpful. 


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.


Finances

• 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 and request that direct deposits and automatic debits be canceled.


Other Tips

• 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.

Visit a Branch to Open an Estate Checking Account

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). Deceased must have been a member in good standing with the Credit Union. 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.

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