No one wants to think about the passing of their self or a loved one, but it’s better to be prepared than have another thing to worry about during one of life’s hardest moments
We usually try to have some fun here in our Fox Communities Credit Union blog posts, but there’s not a lot of fun to be had this time around. But, as it is with this thing we call life, sometimes you’ve got to talk about and do things that aren’t fun. In this case, we’ve got to talk about what happens to your account, or the account of a loved one, at the time of death.
Adding a beneficiary to your Fox accounts may be the easiest way to avoid headaches when an account holder passes
Here at Fox Communities Credit Union, you can add beneficiaries to your accounts who receive the balance in equal shares after you die. However, if you already have a will or other estate plan in place, you should discuss with your lawyer or estate planning professional as to whether adding beneficiaries is consistent with your estate plan. If it is, adding beneficiaries to your Fox accounts is easy. Just get in touch with our friendly Fox team.
What if I pass before adding a beneficiary to my account?
If you don’t have any beneficiaries designated for your Fox accounts, one of three possible scenarios can happen:
- If you have a will, the proceeds will most likely have to be distributed to your estate after the will is entered to probate and a Personal Representative is appointed.
- If you do not have a will, the estate may still have to be administered and account proceeds distributed to the estate. The beneficiaries are determined by the intestate succession statutes.
- If the gross value of your property does not exceed $50,000, the account balance may be distributed pursuant to a Transfer by Affidavit.
What if I have a joint Fox account?
If you have a joint Fox account and you are survived by the person with which you hold the account, then the account passes automatically to the joint owner.