What to do when a Golden 1 account holder dies

Completed by a successor in interest. Available to download.¹

Completed by the successor trustee. Available to download.²

Completed by the successor trustee. Available to download.³

Available to download.⁴

Completed by the executor or administrator. Available to download.⁵

Completed by a parent or guardian. Available to download.⁶

Where no beneficiary is on the account, Golden 1 takes instructions only from the court-appointed legal representative (the executor or administrator), or as otherwise allowed by law.⁷

A beneficiary of record is "entitled to receive your portion of the available funds without waiting for the release of the estate by a probate judge or administrator."⁸

Golden 1 recognizes only beneficiaries the deceased person designated on the Golden 1 account application. A beneficiary named in the will but not on the account is not paid through this route.⁸

Ownership passes to the surviving owners automatically, but "if the survivor is not the spouse of the deceased owner, the survivor must close the account and may establish a new one."⁹

Removing the primary owner always means closing the account and opening a new one, even for a spouse. Only a joint owner who is not the primary owner can be taken off with a joint owner removal form.⁹

On the death of all settlors of a revocable trust, "the trustee (or successor trustee) must close the trust account and may open a new irrevocable trust account under the trustee's employer identification number."⁹

The death or resignation of a trustee or trustor does not end Golden 1's authority to act until written notice has been presented and Golden 1 has had a reasonable opportunity to act on it.³

Before transacting, the successor trustee gives proof acceptable to Golden 1 that every trustee and co-trustee has resigned, died or cannot act, and signs a new Trust Account Agreement (Form C-3). A Certification of Trust alone is not enough.³

The Trust Closure Form (C-10) is only for closing a trust account without opening a new one. Closing one trust account and opening the successor irrevocable trust account also takes a new trust application (C-3).⁴

A Golden 1 employee contacts the beneficiary listed on the IRA's Designation of Beneficiary form to discuss distribution and complete the election forms. This runs separately from the deposit-account case.⁷

Golden 1 offers estate accounts, opened on the Application for Membership - Memorial and Estate (Form C-5). Estate accounts carry no beneficiary.^{7, 5}

The Account Agreement recognizes a fiduciary account opened by an executor, administrator, guardian, custodian, conservator or representative payee under court order or other appropriate documentation.⁹

A surviving joint box holder keeps access at all times. A box in the deceased person's name alone opens right away only to a public administrator or a person with a key; otherwise access needs a court-appointed executor or administrator, or a person eligible to sign the small-estate declaration.⁷

The settlement requirements for outstanding loans, including credit cards, are discussed with the assigned specialist.⁷

IRA distributions⁷

Golden 1's "priority is to protect the account by stopping all payments and withdrawals." After notification it reviews the account and "may place a temporary hold."⁸

Golden 1 "may continue to honor your checks, items, and instructions until we know of the death or adjudication and have had a reasonable opportunity to act on that knowledge." An authorized signer's authority ends on the same terms.⁹

A power of attorney ends when the person who created it dies.^{8, 7}

All of the deceased person's obligations to Golden 1 become immediately due on death unless a loan agreement says otherwise, and Golden 1 can apply shares and deposits against them before paying anyone.⁹

Surviving joint owners and named beneficiaries are paid "only after all obligations of the deceased owner(s) due to Golden 1 have been satisfied."⁸

Golden 1 "can only settle accounts through the issuance of official checks," made out to the estate or the named beneficiary. A beneficiary who already has a Golden 1 account can have the funds transferred into it instead.⁸

Golden 1 "can't determine the validity of a will." A will must be probated and a representative appointed by the court.⁷

Golden 1 "can only provide account information in limited circumstances, such as disclosure to executors and administrators of the Estate, or when a Subpoena of Records has been issued."⁷

Once Golden 1 is notified of the death, government benefits for the deceased person (Social Security, VA, SSI) stop or are returned.^{8, 7}

MS-45 calls these "government overpayments" that Golden 1 "is legally obligated to return" to the paying agency. To have a payment reissued in your own name, contact the agency responsible for the benefit.⁷

For a minor beneficiary with a small total estate, a parent or guardian completes the Affidavit for Minor's Estate (Form AS-101), stating they have custody of the minor and will hold the money in trust until majority. A larger amount needs a court order.^{6, 7}

The fee schedule charges $20.00 per hour for account reconciliation research and $10.00 per signature for a medallion stamp (members only). Statements and printouts are free, and there is no separate estate or death-claim fee.¹⁰