Estate Account

 Estate Account

An Estate account is an account that is set up for the purpose of administering a person’s estate after they have passed away. 

Good to Know:

        • Requirements: The Executor/Administrator (the person handling a person’s estate) must be a member or the person that is deceased must have been a member. A savings account with a minimum deposit of $5.00 must be opened.
        • Required Documentation: Letters of Testamentary or Letters of Administration, Employer Identification Number (EIN) which you can get from IRS.gov website, Original Death Certificate, and a Government picture ID (ie: driver’s license) on the Executor/Administrator of the Estate.
        • Account Type: Account types that can be opened are savings, checking or money market accounts. 
        • Opening Deposit: Minimum opening deposit for a savings account is $5.00 and $25.00 for a checking account.
        • Monthly Fee: None 

 

How to open this account:

The Executor/Administrator is the only person that can open this account.  Bring all required documents to any branch location to open the account.  Required documents consist of Letters of Testamentary or Letters of Administration, Employer Identification Number (EIN) which you can get from IRS.gov website, Original Death Certificate, and a Government picture ID (ie: driver’s license) on the Executor/Administrator of the Estate.  This type of account cannot be opened online through our website.

How to withdrawal funds:

 The Executor/Administrator can make withdrawals from this account just like any other account.  Example:  In branch, VISA debit card, or writing checks etc.

How to close this account:

To close the account, the Executor/Administrator will need to provide a letter that should read: I, (Executor/Administrator) authorize JSC Federal Credit Union to close my account#__________ type(s) __________. I understand that by closing this account all automatic deposits, outstanding checks, and electronic funds transaction will be returned “Account Closed”. I will be responsible for all fees charged by the merchants if items are processed and returned

The letter must be signed and dated by the Executor/Administrator. The funds will be mailed to the Executor/Administrator at the address listed on the account.  Or you may sign a closed account letter at any branch to receive the funds in person.

 

 

FAQs

Do I have to be a member first before I can open the Estate Account? 

Either yourself, or the deceased person would have to be a member before an Estate account could be opened.

Can I get an ATM/Debit Card on this account?

 Yes. 

What name is on the ATM/Debit Card?

The Executor/Administrator can either have their name on the card, or elect to have the name of the estate.

Can more than one person have access to this account?

No. Only the Executor/Administrator can have access to the account.  On rare occasions, more than one Executor/Administrator may be appointed on the Letters of Testamentary/Letters of Administration.  If that is the case, either one may have access to the account.  JSC does not allow two signers be present at all times to make withdrawals from the account.  If that is something you would require, we would not be able to monitor or provide that service for you.

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