Estate Services

The first step is to inform us of your loved one’s passing by scheduling an appointment so we can update the account. You’ll need to provide the following official documents:

• A certified copy of the death certificate.
• Your government issued ID (e.g. Passport, Driver License, State Identification Card).

Once we review the documentation, we’ll begin the process of securing and managing the accounts.

Depending on the types of accounts your loved one held, you may need to provide additional documents such as:

• Letters Testamentary or Letters of Administration (if you are appointed as the executor or administrator).
• Court Orders (if applicable).

These documents allow us to ensure that any funds in the accounts are properly distributed in accordance with the member’s estate plan and applicable legal requirements.

Each type of account held at First Entertainment may have different processes for handling after a member’s death.

• Joint Accounts: These are accounts with the right of survivorship. If the surviving owner is not the one whose social security number was used when establishing the membership, they will have 60 days to establish a new membership using their social security number to move the funds or close the account. If this is not done within 60 days, the account will be restricted, with no transactions permitted.
• Individual Accounts: Funds in individual accounts may either be paid directly to the designated beneficiaries or require an affidavit of collection of personal property, or, in some cases, go through probate. The executor or administrator will be responsible for distributing these funds accordingly.
• Trust Accounts: Trust accounts may bypass probate and are handled by the Successor Trustees as outlined on the Trust.
• Retirement Accounts: For IRAs at the credit union, once the death of the owner is reported, all necessary documents will be submitted to the plan administrators who will continue communication with you through mail.

First Entertainment will evaluate whether the deceased member possessed insurance on their loans, and if so, insurance will be reduced from the loan principal. Deposit account funds can also be applied to the outstanding loan balance(s). The surviving borrower(s) or the member’s estate are responsible for repaying any remaining loan balances. If you may have difficulties paying loan payments, wish to surrender the property, or would like to explore payment options, please contact us at 888.800.3328 ext. 4032.

Although First Entertainment Credit Union cannot provide legal or tax advice, we encourage you to seek guidance from an attorney or financial professional to help with complex estate matters or tax considerations. Professional assistance can ensure that the estate is properly settled and that you are meeting any legal obligations.

During this time, you may also want to take a moment to review and update the beneficiaries on your own First Entertainment accounts. Keeping your financial documents up to date ensures that your accounts are properly managed according to your wishes.