What to do when a Valley account holder dies
Contact Valley's Valley Wealth & Trust — 4-step process, 6 required documents, and pod beneficiaries may access funds upon providing death certificate and valid id; estate accounts vary based on probate requirements
Valley Wealth & Trust
80 E. Ridgewood Ave., Paramus, NJ 07452
Valley Wealth & Trust
80 E. Ridgewood Ave., Paramus, NJ 07452
What happens to Valley accounts after the account holder dies depends on how each account was titled. Beneficiary-designated and trust-owned accounts transfer directly. Accounts in the deceased's name alone go through the estate, and the executor or administrator works with Valley's Valley Wealth & Trust ((973) 305-3500) to claim the funds.
Death claims at Valley can be started through an online portal, which streamlines the initial notification and document upload. Phone and mail options are also available.
Deposit, investment & retirement accounts
The death claim process at Valley works as follows:
Filing a claim
- Contact Valley Wealth & Trust at 973-305-3500 or visit a branch to report the death
- Submit a certified death certificate
- For POD accounts: beneficiaries provide government-issued ID to claim funds
- For non-POD accounts: executor provides Letters Testamentary or Letters of Administration
- For trust-owned accounts: provide trust documents and trustee identification
- New Jersey places a lien on a resident decedent's bank and investment accounts at death; Valley (a NJ-chartered bank) may release only up to 50% of the account to the executor or administrator without a tax waiver (the state's blanket-waiver rule)
- To release the full balance to a Class A beneficiary (spouse, civil-union/domestic partner, child, stepchild, grandchild, parent, grandparent), submit a completed, notarized Form L-8 (Affidavit and Self-Executing Waiver) directly to Valley -- no filing with the NJ Division of Taxation is needed
- If the transferee is not a Class A beneficiary, obtain Form O-1 (the formal waiver issued by the NJ Inheritance and Estate Tax Branch) and submit it to Valley before the account is released
- Download Form L-8 from the NJ Division of Taxation at https://www.nj.gov/treasury/taxation/inheritance-estate/estatetax.shtml
- Valley reviews documentation and processes the claim
- Assets distributed per beneficiary designation, will, or trust instructions
Required Documents
- Certified death certificate
- Government-issued photo ID for claimant
- Letters Testamentary or Letters of Administration (if no POD designation)
- Trust documents (if trust-owned account)
- Small Estate Affidavit (if estate qualifies under state law)
- NJ Form L-8 (Self-Executing Waiver Affidavit) for a Class A beneficiary, or Form O-1 waiver otherwise, for a New Jersey resident decedent's accounts
What to know at this institution
For a New Jersey resident decedent, Valley (a NJ-chartered bank) applies the NJ inheritance-tax lien: without a waiver it may release no more than 50% of an account to the executor or administrator. To release the full balance, a Class A beneficiary files a notarized Form L-8 self-executing waiver directly with Valley; other transferees need a Form O-1 waiver from the NJ Division of Taxation. Valley Trust can serve as agent for executor or trustee, performing administrative functions including handling estate recordkeeping, investing estate assets, preparing reports for probate court and beneficiaries, locating and inventorying estate assets, paying estate expenses, collecting debts owed to the estate, and arranging for preparation and filing of required tax returns.
Mortgage and home lending
Mortgages and home equity loans are liabilities, not assets. They do not have beneficiaries and cannot be retitled to a trust. When a borrower dies, the loan obligation transfers with the property to whoever inherits it. Under the federal Garn-St. Germain Act, the lender cannot accelerate the loan or call it due when the property transfers to a surviving spouse, child, or the borrower’s revocable trust.
- Call customer service at 1-800-522-4100 to notify Valley Bank of the borrower's death
- Provide the deceased borrower's full legal name, Social Security number, and loan number
- Submit a certified copy of the death certificate
- Request Successor in Interest documentation from Valley's mortgage servicing department
- Complete and return the Successor in Interest form with documentation proving your ownership interest in the property (e.g., probated will, court order, deed, or trust document)
- Valley Bank will review your documentation and confirm your status as a Successor in Interest
- Once confirmed, you will have access to loan information and can discuss options: continue making payments, apply for loss mitigation, assume the loan, refinance, or pay off the balance
- Continue making monthly mortgage payments during the review process to avoid default
Required Documents
- Certified copy of the death certificate
- Government-issued photo ID for the heir or personal representative
- Completed Successor in Interest form
- Documentation proving ownership interest in the property (one or more of the following): probated will naming you as heir, court order of succession, recorded deed transferring ownership, trust document showing you as successor trustee or beneficiary
- Letters Testamentary or Letters of Administration (if going through probate)
- Marriage certificate (if surviving spouse)
What to know at this institution
Under the federal Garn-St. Germain Depository Institutions Act (12 U.S.C. 1701j-3), Valley Bank cannot enforce a due-on-sale clause when the property transfers to a surviving spouse, child, relative upon death, or the borrower's revocable living trust. Confirmed Successors in Interest are treated as borrowers under CFPB mortgage servicing rules and are entitled to account information, loss mitigation options, and assumption rights. Mortgage payments can be mailed to P.O. Box 954, Wayne, NJ 07474-0954.
Prepare your letter of instruction to Valley
Valley accepts a claimant-drafted letter of instruction. We draft it for you — addressed to Valley'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 Valley →Processing timelines at Valley: POD beneficiaries may access funds upon providing death certificate and valid ID; estate accounts vary based on probate requirements. Incomplete documentation is the most common cause of delays—submitting all required documents with the initial claim helps avoid additional processing time.
Valley requires several documents to process a claim, including Certified death certificate, Government-issued photo ID for claimant, and Letters Testamentary or Letters of Administration (if no POD designation), and additional documentation depending on the account type. Certified copies are typically needed—photocopies are generally not accepted for death certificates or court documents.
Frequently asked questions
Contact Valley customer service at 1-800-522-4100 or visit any Valley branch to request a Payable-on-Death (POD) beneficiary designation form. Complete the form with your primary and contingent beneficiary information and submit it in branch or by mail. POD designations are available on checking, savings, money market, and CD accounts.
Under the federal Garn-St. Germain Act (12 U.S.C. 1701j-3), Valley Bank cannot enforce a due-on-sale clause when property transfers to a surviving spouse, child, relative upon death, or the borrower's revocable living trust. Call 1-800-522-4100 to report the death and begin the Successor in Interest process. Once confirmed, you can continue payments, apply for loss mitigation, assume the loan, refinance, or pay off the balance.
For POD accounts, beneficiaries need a certified death certificate and government-issued photo ID. For non-POD accounts, the executor needs Letters Testamentary or Letters of Administration in addition to a death certificate and ID. For trust-owned accounts, provide the trust documents and trustee identification. Contact Valley Wealth & Trust at 973-305-3500 or visit a branch to begin the process.
For a New Jersey resident decedent, yes. New Jersey places a lien on the accounts, and Valley (a NJ-chartered bank) can release no more than 50% of an account to the executor or administrator without a waiver. To release the full balance to a Class A beneficiary (surviving spouse, civil-union or domestic partner, child, stepchild, grandchild, parent, or grandparent), submit a completed and notarized Form L-8 (Self-Executing Waiver Affidavit) directly to Valley -- it is not filed with the state. Anyone who is not a Class A beneficiary needs Form O-1, the formal waiver issued by the NJ Division of Taxation. Form L-8 is available at https://www.nj.gov/treasury/taxation/inheritance-estate/estatetax.shtml.
Valley's Valley Wealth & Trust can be reached by phone at (973) 305-3500 for questions throughout the claims process.
When the deceased had multiple Valley accounts, some may need separate claims while others can be handled together. The Valley Wealth & Trust can clarify what's needed for each account type.
Sources
Data sourced from Valley primary sources (22 pages reviewed). How we research.
Valley Wealth & Trust
80 E. Ridgewood Ave., Paramus, NJ 07452
Valley Wealth & Trust
80 E. Ridgewood Ave., Paramus, NJ 07452
Estate planning articles
Learn how to protect your Valley accounts and other assets with trusts, beneficiary designations, and estate planning documents.
Is this your situation?
Get a complete guide for your specific circumstances.
More tools for handling this estate
Calculators and checklists for executors and trustees.
How Much Does Probate Cost?
Estimate attorney fees, executor fees, court costs, and timeline for probating an estate in your state. See if the estate qualifies for simplified probate procedures.
How Much Can an Executor Charge?
Calculate how much an executor (personal representative) can charge for administering an estate. See if your state has statutory fees or uses reasonable compensation.
Who Inherits Without a Will?
Find out who inherits your estate and how much they get if you die without a will. Based on your state's intestate succession laws.
What's Fair Trustee Compensation?
Find out what's fair compensation for serving as trustee. Compare family, professional, and corporate trustee rates based on your situation.
How Much Are Estate & Inheritance Taxes?
Calculate federal estate tax, state estate tax (12 states + DC), and inheritance tax (5 states) for an estate or trust.
How Many Death Certificates Do I Need?
Calculate how many certified death certificates you need based on the assets and accounts you need to close. See state-specific ordering information.
