Saying Goodbye

In some situations, it may be beneficial to open an estate account as a way to administer a person’s financial assets after they have passed away. The estate account enables authorized individuals (typically, any executors) to make deposits and withdrawals, such as payment for funeral expenses and other expenses, on behalf of deceased’s estate. Eventually, any remaining balance will be distributed to any beneficiaries, per the instructions in the decedent’s will.

At ESL, our Free Checking, Premier Checking, Money Maker, and Premier Money Maker accounts can be opened as an estate account and will give the authorized user(s) rights to use the account.

The Customer Case Specialist or your attorney can help you determine if an estate account is an appropriate solution for your situation.

Eligibility for an Estate Account

The deceased must have been an ESL member in good standing at the time of their death in order for us to be able open an estate account for them at ESL. As a credit union, we are unable to open accounts for deceased non-members. This includes estate accounts for non-members, even when family members or survivors are ESL members.

Administrator: Person the Surrogate’s Court appoints to handle the property of the decedent who dies without a will (or without a will being probated).

Affiant: Person signing the 1310 Affidavit.

Certified/Original Death Certificate: An official government certificate on security paper with a raised certification seal, required for insurance collection purposes.

Distributee: Person who shares in a decedent’s estate when no will is probated.

Estate: The property or possessions of a deceased person.

Estate Account: An account opened by a fiduciary that holds all monetary assets of the decedent.

Executor: Person Surrogate’s Court appoints to handle the property of the decedent after the Will has been probated. Usually the decedent names the executor in the Will.

Fiduciary: A person to whom property or power is entrusted for the benefit of another typically, the Executor, Administrator, or Voluntary Administrator.

Heir: Person who inherits or has a right of inheritance in the property of a deceased person.

Letters Testamentary: A legal instrument issued by the Surrogate’s Court authorizing an Executor, Administrator, or Voluntary Administrator to take control of and dispose of the estate of a deceased person. A Certificate is issued. Review for any limitations listed:

• Certificate of Appointment
• Certificate of Administration
• Voluntary Administration Certificate

Next of Kin Affidavit: An internal affidavit created for the sole purpose of allowing a qualified affiant to affirm his/her relationship without producing direct proof of relationship.

Surviving Qualified Relative: A Spouse, Child (aged 18 years or older), Father/Mother, Brother/Sister, or Nephew/Niece of the decedent.

1310 Affidavit: An affidavit in which a qualified Surviving Spouse, Surviving Relative, Heir or Distributee, Person or Creditor of the deceased takes an oath that they have rights to transact on monetary items. Used when no one has been appointed as a fiduciary for the decedent’s estate by the Surrogate’s Court.

Treasury Funds: Funds paid from the U.S. Treasury Department, specifically:

• Social Security/Supplemental Security Income (SS/SSI)
• Civil Service Retirement (OPM)
• Railroad Retirement Board (RRB)
• Department of Defense Retirement (DFAS)
• Department of Veterans Affairs Retirement (VA)

Voluntary Administrator: Person who applies to the Surrogate’s Court and is appointed to handle only specific items for the decedent.

Written Directive: Written instructions/statement documenting the intent of the individual transacting on behalf of the deceased.

New York State Helpful Resources

• Death Certificate Information
  • Department of Health
  • NY Courts

• Estate, Probate, and Small Estate Information
  • When Someone Dies
  • Probate
  • Administration
  • Small Estate

Social Security Administration

• Social Security Administration (SSA)