What to do when a Lili account holder dies

Every Lili account is a business account. For a sole proprietor account, including one with a DBA, the balance is a personal estate asset, and Lili needs court letters or a small-estate affidavit.¹

A Lili account has no payable-on-death or beneficiary path.²

Section 7.4 of the account agreement states Lili does not support Trust accounts.²

Under section 3.1.1, the collateral for a BusinessBuild Card sits in a sub-account of the Lili Account under a lien and security interest granted to Lili as agent for CapitalOS, and can be withdrawn only with CapitalOS's consent.²

A Lili Line of Credit is owed to a third-party lending partner, not to Lili.¹

Provides the Lili accounts; the Sunrise Banks Account Agreement governs them¹

Lender for the BusinessBuild Card¹

Issuer of the BusinessBuild Card¹

Hold balances swept out of the Sunrise account; the funds are reached only by directing Lili^{2, 3}

The sweep addendum says a customer-specific "Priority List" of the Sweep Banks holding swept balances is "available at all times in the Lili App." The list of Sweep Banks is at IntraFi.com/network-banks.³

Under section 7.4, the bank may honor items until it knows of the death and has had a reasonable opportunity to act. Even after it knows, it may pay items drawn on or before the date of death for up to ten days after that date, unless someone claiming an interest in the account orders a stop payment.²

Section 7.4 states Lili "may require additional documentation to confirm any claims made on the Account."²

Under section 7.5, Lili may keep processing transactions after an unofficial notification of an adverse claim until it receives the appropriate court documents. A phone call reports the death; it does not necessarily freeze the money.²

Under section 7.5, the claimant on an adverse claim indemnifies Lili for losses.²

Section 7.4 states Lili does not support Conservatorships or Power of Attorney authorizations.²

Under section 7.3, Lili "may close any Account that has had no Card or other transaction activity or had a zero balance for six (6) continuous months." An account with a balance and no customer-initiated activity for twelve continuous months may be treated as dormant, frozen and transferred to the state.²

Customer-initiated activity includes transfers, mobile deposits, outside-initiated ACH, service calls and logging into the app.²

The Master Fee Schedule carries no stop payment fee and prices the Dormant Account Fee at $0.00.⁴

Only the Owner can terminate access or close the account. The Help Center describes a Bill Payer as able to initiate outgoing transfers that require the owner's approval before funds move.¹

An Authorized Viewer's View Only Authorization runs "until you terminate his or her access or until you close the account," so it does not lapse on its own.⁵