What to do when a Live Oak Bank account holder dies
Contact Live Oak Bank — 5-step process, 5 required documents, and pod and joint accounts are processed upon verification of documentation; estate accounts requiring probate vary by state and court timelines
Customer Success
Live Oak Bank, 1757 Tiburon Drive, Wilmington, NC 28403
Customer Success
Live Oak Bank, 1757 Tiburon Drive, Wilmington, NC 28403
Customer Success (Death Claims)
Live Oak Bank, 1757 Tiburon Drive, Wilmington, NC 28403
When an account holder at Live Oak Bank passes away, the next step depends on how the accounts were set up. Accounts with beneficiary designations or trust ownership transfer outside of probate. Accounts titled solely in the deceased's name require the estate's legal representative to work with Live Oak Bank's Customer Success (Death Claims) (1-866-518-0286) to access and distribute the funds.
The claim process begins with a phone call to 1-866-518-0286. Have the account holder's full name, account numbers, and a certified death certificate available when making initial contact.
Death claim process
To file a claim after an account holder's death, here is what Live Oak Bank requires:
Filing a claim
- POD beneficiaries: claim funds by providing a death certificate and ID
- Joint account with right of survivorship: surviving owner retains full access
- No beneficiaries or joint owner: account requires probate -- submit Letters Testamentary or Letters of Administration from the court
Required Documents
- Certified copy of the death certificate
- Government-issued photo ID for the claimant
- Letters Testamentary or Letters of Administration (if probate is required)
- Small Estate Affidavit (if estate qualifies under applicable state law)
- Trust agreement (if account is held in trust)
What to know at this institution
Live Oak Bank is an online-only bank with no branch locations. All death claim and estate matters must be handled by phone or mail. Contact customer service at 866-518-0286 (Monday-Friday 8:00 AM to 11:00 PM ET) for specific forms and mailing instructions.
Prepare your letter of instruction to Live Oak Bank
Live Oak Bank accepts a claimant-drafted letter of instruction. We draft it for you — addressed to Live Oak Bank's verified claims department, with the documents it requires enclosed.
Build your letter of instructionOpening an account for the estate itself
Checks made out to the estate deposit into an account titled to the estate, opened by the appointed executor or administrator under the estate's EIN.
How to open an estate account at Live Oak Bank →Expected timelines at Live Oak Bank: POD and joint accounts are processed upon verification of documentation; estate accounts requiring probate vary by state and court timelines. Delays are almost always caused by incomplete paperwork—gathering all required documents before filing the initial claim helps avoid back-and-forth.
Documentation required by Live Oak Bank includes Certified copy of the death certificate, Government-issued photo ID for the claimant, and Letters Testamentary or Letters of Administration (if probate is required), along with additional paperwork that varies by account type. All death certificates and court documents must be certified copies.
Frequently asked questions
No. Live Oak Bank does not offer trust accounts. Personal savings and CD accounts cannot be held in the name of a trust or retitled to a trust. The only estate planning option available is naming your revocable living trust as a POD (Payable on Death) beneficiary on the account. This achieves a similar result -- the trust receives the funds at death without probate -- but the account remains in your individual name during your lifetime.
You name your revocable living trust as the POD beneficiary on your Live Oak Bank savings or CD account. At your death, the successor trustee presents the death certificate and trust agreement (or Certification of Trust) to Live Oak Bank, and the funds are paid directly to the trust without going through probate. The trustee then distributes the assets according to the trust's terms. Because this is a beneficiary designation rather than account retitling, the trust name and date are entered at designation time, but no trust documents need to be submitted while you are alive.
Live Oak Bank allows joint co-owners to be added to personal savings and CD accounts. A joint owner has full and equal access during both owners' lifetimes and receives full ownership upon the other owner's death by right of survivorship. However, Live Oak Bank's guidance indicates that a co-owner typically cannot be removed once added -- closing and reopening the account would generally be required. For estate planning purposes, this inflexibility is a significant distinction from a POD beneficiary designation, which can be changed or removed at any time through the online portal.
When a trust has been named as POD beneficiary on a Live Oak Bank account, the successor trustee must contact Live Oak Bank at 866-518-0286 (Monday-Friday 8:00 AM to 11:00 PM ET) to initiate the death claim. Required documentation typically includes a certified copy of the death certificate, a government-issued photo ID for the trustee, and the trust agreement or a Certification of Trust establishing the trustee's authority. Because Live Oak Bank is online-only with no branch locations, all documents are coordinated by phone and submitted by mail to Live Oak Bank, 1757 Tiburon Drive, Wilmington, NC 28403.
Live Oak Bank's Customer Success (Death Claims) can be reached by phone at 1-866-518-0286 and fax at 1-866-656-4611 for questions throughout the claims process.
If the deceased held multiple Live Oak Bank accounts, each may require a separate claim or have different documentation requirements. The Customer Success (Death Claims) can confirm which accounts require individual attention and which can be processed together.
Sources
Data sourced from Live Oak Bank primary sources (11 pages reviewed). How we research.
Customer Success
Live Oak Bank, 1757 Tiburon Drive, Wilmington, NC 28403
Customer Success
Live Oak Bank, 1757 Tiburon Drive, Wilmington, NC 28403
Customer Success (Death Claims)
Live Oak Bank, 1757 Tiburon Drive, Wilmington, NC 28403
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