Dealing with Deceased Loved One’s KTFCU Accounts
In the two previous Board Briefs, we talked in general about end-of-life issues. This issue focuses on specifics related to your accounts.

• First, recommendations on what you should prepare, and secondly,
• What someone will need to access KTFCU accounts that are in the name of (owned by) the deceased.

Our Recommendation: BE PREPARED

• Seek professional financial advice.
• Prepare an “Upon Death” reference binder. Below are some fundamentals to include. Of course, you should follow your financial planner’s advice
  1. Make a list of all online accounts and passwords including insurance policies, investments, retirement, creditors, online monthly bill payments etc.
  2. Make a list of all accounts with joint owners, Payable-on-Death (POD) assignees and beneficiaries. Review and update the information (including institution address, phone number, account numbers, current contact info of recipients, etc.).
  3. Include safety deposit box details (Institute, address, key location etc.).
  4. Make sure your assigned family member(s)/friends know the location of the Upon Death reference binder and any other pertinent information.
  5. Set up a Power of Attorney (POA).
  6. Create a will (or state approved legal document) and file it in a safe place. Keep a copy in a secured area and make sure the person who will handle your affairs has access to the original.
  7. Assign a person to know where deeds, titles, policies, will, passwords, social media log ins, etc. are stored.
  8. Inventory personal items and assign beneficiaries.

What to do upon Death? We are here for you and your loved ones. We understand such circumstances are difficult. Our sympathy goes out to you for the loss of your loved one. We will work with the person (or persons) you have assigned to be responsibility for managing your affairs.

Here are some suggestions to help ease the process, as it relates to your KTFCU accounts:

• Locate the will (if the deceased person was not married or was widowed).
• Get copies of death certificates from the funeral service provider, town, city or village. Insurance companies will require a certified copy for payout. There is a cost for each certified copy, as these are stamped with a raised seal as evidence of a true (and unaltered) record. Extra originals are suggested so you don’t have to make a return visit.
• The Social Security Administration will be informed by the funeral service provider. There is a $250 death benefit that is issued in a lump sum. If SS was being collected, the government will withdraw (reclaim) any overpayment from the account after date of death. The most recent Social Security contact number is (800) 772-1213.
• Who is responsible to notify financial institutions of a death? Spouse/partner or next of kin with a certified copy of the official death certificate -OR- executor/executrix with proof of Surrogate Court appointment called a Letter of Administration.

The estate must clear all obligations before excess funds are made available to beneficiaries. For example, funds in any KTFCU share or share draft account will be used to retire any outstanding loan balances. Any remaining funds will then be made available per state requirements based on the documents provided by the legally designated person. The timing of any funds being made available will vary depending upon the situation. The better prepared, the more expedient the process.

Our Advice
Seek appropriate advice from your legal and financial advisors. NYSUT has an annual legal program available to advise members and help create the requisite legal documents.** You can learn more here; https://memberbenefits.nysut.org/program-service/legal-and-financial/legal-service-plan.

Share your wishes with your loved ones. Prepare the necessary documents and make sure they are up-to-date and accessible to the people who will need access to them. You can access the KTFCU FAQs on End-of-Life matters on our website at the bottom of our Share Savings page (What happens to an account?) or now at https://kenteachfcu.com/storage/app/media/End%20of%20Life%20website%20link%20240819.pdf

Whatever your financial need, we’re here to help.