Gather important documents to get started
Coping with the death of a loved one can be a very difficult time. Closing accounts, settling debts, and finalizing the estate can all cause anxiety for a grieving family. CoVantage understands, and we encourage you to utilize this guide as a resource to alleviate some of this stress.
To get started, you’ll want to gather the following:
- Original Certified Death Certificate
- Current ID
- Name, address, and phone number of the person who will be managing the estate
- Any Applicable Court Documents
- Intent as to any collateral (for example a house or vehicle) which may be tied to loans at CoVantage
TIP: Use this checklist and FAQ to help you throughout the process.
Review Joint Owners on Accounts
If there is already a joint owner on the account (for example, a spouse), the person will be able to assume full control of the account. Updated account documents may need to be signed. In some case, the account may need to be closed and reopened as a new account.
Determine if there are Beneficiaries
The next step will be to determine if there are beneficiaries named on deposit accounts.
If there is not a joint owner on the account and there are designated “Payable on Death Beneficiaries,” CoVantage will need current valid identification for those beneficiaries and an original death certificate.
If there are no beneficiaries named on the deceased member’s assets, the family may be required to obtain applicable court documents to obtain access to the funds.
CoVantage may release funds within seven business days of receiving the required documentation.
Review Checking and Deposit Accounts
Be sure to review any automatic deposits and withdrawals. You may need to contact the respective companies, if necessary.
- Cancel direct deposits.
- Cancel pre-authorized electronic payments
- Re-direct electronic payments and direct deposits to new accounts, if applicable
File Life Insurance Claims on Loans
In addition to looking at deposit accounts, you’ll want to review outstanding loans.
For example, if your loved one had credit life insurance on any outstanding loans with CoVantage, we encourage you to file a claim. You will need to upload a copy of the death certificate to CUNA Mutual, our insurance partner, as part of the payment protection claims process.
Determine intents with outstanding Loans
After determining if there was credit life insurance on the loans, you’ll need to be prepared to provide your intent as to any outstanding debt that relates to your loved one’s CoVantage account.
- What is your intent with the vehicle? Do you plan to keep it and continue to make payments, sell it, or surrender it?
- What is your intent with the home? Do you plan to keep or sell the house or make arrangements for surrendering ownership of the home back to CoVantage?
- Are you willing to contribute any monies to the loans?
Please note: if you are the spouse of the deceased, you may already be financially obligated to the debt.
If there are Power of Attorney/Guardian/Rep Payee designations on the account, keep in mind that all of these designations cease upon death of your loved one.
In addition to the accounts at CoVantage, you may also want to consider reaching out to these contacts as well:
- Personal Financial Advisor or Stockbroker (If there are brokerage accounts to be settled)
- Agencies handling benefits such as: Social Security Administration, Veterans Administration, Civil Service, Pension/Retirement plans from Employer, Railroad Retirement Board, etc.
- Utility companies
- Insurance companies
- Department of Motor Vehicles
- Circuit Court Clerk’s Office, in the jurisdiction where the decedent last resided and paid their taxes
We extend our deepest sympathies to you on the loss of your loved one. If there is anything we can assist with during this difficult time, please contact us at 715-627-4336.