What to do when a Firefighters First account holder dies

Completed by the successor trustee. Available to download.¹

Completed by the successor trustee. Available to download. Must be notarized.²

The named beneficiary is entitled to the funds on proof of death and the beneficiary's identification. Several beneficiaries take equal shares without rights of survivorship.³

With no POD designation, the funds go to the estate and can be claimed by the legal representative or claimant.³

The surviving owner or owners own the funds. On the death of the final owner the funds go to that owner's estate, or to the POD beneficiary if one is named.³

The Remove Joint Owner Form cannot be used after a death: every owner, including the one being removed, must sign it, and it cannot remove the primary member. A surviving joint owner works through the credit union directly with a certified death certificate.⁴

The successor trustee provides a certified copy of the deceased trustee's death certificate and completes a new Trust Account Application and Agreement and a new Trustee's Certification of Trust before transacting.³

Successor trustees are expected to close the trust accounts within 90 days of notice of the trustee's death. On the 91st day the credit union may, but need not, close them and mail a check for the balance to the successor trustee as trustee for the trust.^{3, 1}

The accounts can stay at the credit union under a new Application and Agreement if the successor trustees are or become members within that 90-day window.^{3, 1}

An IRA passes under its own beneficiary designation on file, not by POD designation and not under the will.³

Firehouse Financial investment accounts, held at LPL Financial and claimed separately from deposit accounts³

The Account Disclosures require account owners to notify the credit union immediately of the death of any owner.³

Death does not revoke the credit union's authority to pay or collect a check until it knows of the death and has had a reasonable chance to act. Even then, for ten days after the date of death it may pay checks drawn on or before that date, unless someone claiming an interest orders it in writing to stop.^{3, 1}

If a depositor such as a government agency demands the return of direct deposits made during the month of or after an account holder's death, the credit union honors the demand and may debit the account. Social Security and pension payments that arrive after the death can be pulled back.^{3, 1}

After an owner's death the credit union may offset the deceased owner's debts against a joint or POD account, up to the full balance at the time of death. A POD account is payable to the credit union first, to the extent of any matured or unmatured debt.^{3, 1}

The credit union may treat POD beneficiaries after the death of all owners, successor trustees, and the estate's administrator as an owner for getting historical statements and transaction information.^{3, 1}

Authority under a power of attorney ends at death. In the credit union's Power of Attorney Agreement, the agent promises to notify it immediately on the principal's death.⁵