Compliance Question of the Week
August 13, 2013
Aug. 13, 2013
If we open an estate account, do we qualify the executor or the deceased member for eligibility?
In Washington, state chartered credit unions can open the account as long as either the executor or the deceased person is in that credit union’s field of membership. Your credit union should rely on the executor’s statement to determine the proper TIN for the account. Usually, this is either the decedent’s SSN or a separate TIN assigned to the estate. The account should not be recorded under the executor’s SSN because the funds do not belong to him or her.
In the case of federally chartered credit unions, the deceased must have been a member prior to death, or all beneficiaries of the estate account must be members.
Questions? Contact the Compliance Hotline: 1.800.546.4465, firstname.lastname@example.org.
Posted in Compliance News.