What to do when a Together CU account holder dies

With no payable-on-death beneficiary, an estate representative must claim the account. The credit union cannot accept a Last Will and Testament.¹

Joint accounts carry right of survivorship, so the surviving owners own the funds; they do not go through probate or pass to a payable-on-death beneficiary. If the person who died was not the primary owner, the name is removed once the death is verified and the account may stay open.¹

If the primary owner died, a surviving spouse may become the primary owner and all surviving owners sign an updated account agreement; individually held loans and credit cards may prevent this. If the survivor is not the spouse, the account must be closed and its products can be moved to a new account number.¹

The beneficiary claims the account. The credit union requires the name, date of birth, Social Security number, current address, and ID information of every beneficiary, and with more than one beneficiary it pays no one until it has all of them.¹

Only a trustee may claim a trust account, and an updated Certification of Trust is required for a successor trustee to claim it.¹

Certificates of deposit follow their own signed certificate. With no surviving owner, a certificate stops earning interest after maturity.¹

The guide says that if the minor has died, the funds belong to the minor's estate, and if the custodian has died, the funds are payable directly to the minor.¹

Section 7 of the Membership Agreement says: "If the custodian dies, We may suspend the Account until We receive instructions from any person authorized by law to withdraw funds or a court order authorizing withdrawals".²

On a guardianship or conservatorship account, the guardian's authority ceases when the ward dies and the funds belong to the ward's estate. If the guardian dies, a new one is appointed by court order.¹

On a VA federal fiduciary account or a Social Security representative payee account, the fiduciary's authority ceases when the recipient dies and the funds belong to the estate. If the fiduciary or payee dies, the VA or the Social Security Administration makes a new appointment.¹

Surviving renters may keep the rental open; a new rental contract may be required. Without a surviving renter, the credit union may drill the box to perform a will search if no key is available. A court order is required to obtain the contents, and unclaimed contents are escheated to the state.¹

If a credit card has a balance and credit life coverage was purchased, the credit union initiates that claim once it has a death certificate.¹

The guide's FAQ lists, for a Missouri vehicle title after a death: Form DOR-108, the title signed over by the administrator or executor, original or certified copies of the Letters of Administration or Letters Testamentary, and payment of title, registration, taxes and fees.¹

To remove a deceased joint owner from a vehicle title, the guide's FAQ lists a copy of the death certificate, surrender of the jointly owned title (it need not be assigned), and an Application for Vehicle Transaction(s) (108) marked corrected.¹

Real estate loans¹

Business accounts; the governing business documents determine what happens next¹

Section 34 of the Membership Agreement lets the credit union continue to pay checks and other payments the member authorized for ten days after death, unless someone claiming an interest in the account instructs it to stop payment.²

On an individually owned account, all automated debits and credits (ACH) are stopped, and the debit card and Online Access are stopped. On a joint account, ACH continues.¹

Incoming Social Security payments for the person who died are returned, on an individually owned account and on a joint account.¹

The credit union no longer accepts checks payable only to the person who died. Only an estate administrator can negotiate a check made payable only to a deceased individual.^{2, 1}

Power of attorney authority ceases at the death of the member.¹

Section 34 of the Membership Agreement lets the credit union require anyone claiming a deceased owner's funds to indemnify it for losses from honoring that claim.²

The credit union relies on the laws of the state where the person who died lived, so the documentation varies by state.¹