What to do when a Redwood CU account holder dies

Ownership passes to the surviving Member Account Holders, subject to the reclamation rights of the Social Security Administration.¹

For a Traditional, Roth or SEP IRA, beneficiaries receive letters from Ascensus about 2-3 weeks after RCU has all beneficiary information. They return the enclosed Beneficiary Payment Election form to RCU or Ascensus.²

Beneficiaries receive letters from Ascensus about 2-3 weeks after RCU has all beneficiary information. They return the enclosed Beneficiary Payment Election form to RCU or Ascensus.²

When all trustors are deceased, RCU asks for a certified copy of the final death certificate(s) and an updated Certification of Trust naming the new trustee(s).²

RCU can set up regular savings, money market, certificate, and checking accounts for executors of estates, subject to separate written agreements and disclosures.¹

The 45-minute "Specialty Account" appointment covers opening an estate account. RCU asks for current government-issued ID and supporting documentation for the account type.³

Letters to IRA and HSA beneficiaries and their Beneficiary Payment Election forms²

RCU asks to be contacted as soon as possible to protect the account.²

RCU may freeze the account on notification. It may require documentation, such as a death certificate or a court order appointing a conservator, before releasing funds.¹

Checks the Member issued before death and presented after RCU is notified may be paid for up to ten (10) days, unless an interested person has directed RCU to stop payment. RCU honors stop-payment requests from any person claiming an interest in the account.¹

RCU does not disclose account information to payable-on-death beneficiaries until all account owners are confirmed deceased.¹

RCU branch notaries serve RCU Members only, and notarizing documents other than RCU’s own costs $15.00 per signature.^{4, 5}