Planning Ahead For Peace Of Mind
Planning ahead gives you and your survivors peace of mind that they will be taken care of and ensures any property will be handled according to your wishes. Not sure where to start? A basic estate plan includes four main elements:
- Will: Specifies the method for management and distribution of your assets after your death.
- Power of Attorney: Authorizes another person to act in legal or financial matters on your behalf.
- Trust: Defines how money and property will be handled for beneficiaries and is managed by a trustee.
- Living Will: Details wishes regarding medical treatment when you're unable to express your desires.
The specifics of an estate plan vary depending on your age, health, wealth, lifestyle, life stage, goals and many other factors. A good plan can help avoid legal hang-ups, minimize estate taxes and ease family tensions. Please check with your financial advisor or attorney to begin this process.
Read our latest blog for an in-depth overview into Estate Planning.
Settling a TVFCU Account
After a loved one passes on, settling their accounts can be a difficult responsibility. TVFCU understands this and is here to assist. A TVFCU representative can help analyze the deceased member’s TVFCU account and help set up an Estate Account for managing estate assets if needed. Our goal is to make the process much less daunting while helping you:
- Determine necessary account adjustments, including closing accounts
- Determine entitlement to account funds
- Inform about required legal documents
- Provide a summary of all actions taken when settlement is complete
Please note: The one document required in all circumstances is the Death Certificate.
You may also be asked to provide the following:
- EIN with IRS letter - An EIN is a nine-digit Federal Tax Identification Number. It is important to note that a person’s Social Security Number (SSN) passes with them which is why the EIN is required. The Administrator can apply for an EIN by clicking here or a TVFCU employee will be happy to assist once eligibility is confirmed.
- Letters of Administration
- Letters of Testamentary
- Small Estate Affidavit
Contact us at 423-634-3600 for assistance in settling a TVFCU account.
Information on this web page is not legal advice and should not be construed as such. We recommend you consult with an independent legal advisor or, where appropriate, contact your local probate court where the property is located for information on the probate process.