Estate planning at First Community CU

First Community CU offers 15 accounts, each with its own rules for what happens when a member dies. As a membership-based credit union, First Community CU membership open to North Dakota residents who live within a 75-mile radius of Jamestown, Devils Lake, Page, or Portland; within a 50-mile radius of Valley City, Oakes, Napoleon, Steele, Bismarck, Wahpeton, or Wishek; within a 40-mile radius of Bisbee or Larimore; or in Marshall County, MN, and portions of Kittson County, MN (within a 75-mile radius of 2315 North Acres Dr., Crookston, MN). Immediate family of existing members also qualify. 27 locations throughout North Dakota and western Minnesota, including Minnesota branches in Crookston, East Grand Forks, and Moorhead. Estate consequences follow the deceased member's state of residence, not the branch: North Dakota levies no state estate or inheritance tax, while Minnesota imposes an estate tax on estates above its $3 million exemption (Minn. Stat. § 291.016). Some transfer automatically to a named beneficiary, others can be held in a trust, and a few may require probate if no plan is in place.

Managing beneficiaries at First Community CU is straightforward—changes can be made in branch, by mail, and by phone, typically taking 15-30 minutes in branch; additional processing time by mail. Trust funding is also available, allowing families to retitle accounts into the name of a revocable living trust.