Losing a Loved One: How to Settle an Account

Losing a Loved One: How to Settle an Account

After the loss of a loved one, settling their account(s) can be a challenging task. At BluCurrent, we understand the emotional burden these responsibilities bring, and we are here to help guide you through the process. The below information can help answer any questions you may have and provide you with useful terms and definitions. 

Please Note: This information does not constitute and is not intended to be a substitute for legal or financial advice. Where specific advice is necessary or appropriate, BluCurrent recommends consultation with a qualified financial advisor or legal counsel. 

How do I notify BluCurrent when a loved one passes away? 

You may notify us by: 

  • Stopping by a branch location. 
  • Call us at 1-417-887-1983 ext. 1475 to speak with a Support Services Representative. 


What documentation will BluCurrent request to settle an account? 

First thing needed will be a copy of the death certificate. Depending on the account ownership type and the specific products/ services on that account our Support Services Department may ask for more specific information.  

If the account did not have a joint owner or beneficiary elected, we will request probate documentation such as Letters Testamentary or Letters of Administration.  

  • Death Certificate: The death certificate gives us all the information needed to verify the identity and legal residence of our member. A certified copy of the death certificate can generally be obtained from the funeral home or from the Bureau of Vital Record. 
  • Letters Testamentary or Letters of Administration: These documents are issued by the court when formal probate of an estate is required under applicable state law. Either of these documents serves to confirm the identity of the deceased account holder and party/parties who have authority to handle the estate. To obtain this, please consult your personal legal counsel or your local probate court. 


How can I provide needed documents to BluCurrent? 

You have a few options to provide documentation to BluCurrent: 

  • Take the document to any BluCurrent branch. 
  • Fax: 1-417-887-1264
  • Send us a secure message with your attached documents within online or mobile banking. 
  • Mail: 

BluCurrent Credit Union

ATTN: Support Services 

1770 W Sunset  

Springfield, MO 65807 


What happens to an account after an account owner passes away? 

To protect the account, any active cards in the owner’s name will be closed upon first notice. If a direct deposit is received from a federal agency (such as Social Security, Civil Service, Veterans Administration etc.) on or after the date of death, BluCurrent is required to return the funds. To avoid complications, all paying agencies should be notified of the owner’s death as soon as possible. 

As the specifics of each account are different, the time it may take to settle an account can vary. Our Support Services Department will provide you with more detailed information if needed. 


What other BluCurrent products or services may require attention? 

Some possibilities include: 

  • Direct Deposits 
  • Debits, loan payments, scheduled automatic withdrawals 
  • Individual Retirement Accounts 
  • Safe Deposit Products 
  • Trust Accounts
  • Life Insurance  


We hope this information is helpful as you navigate during this difficult time. If you prefer to print this information, we've created a downloadable version that includes a list of important contacts. If at any time you have questions or need additional guidance, please contact our Support Services Team by phone at 417-887-1983 x1475 or by email at supportservices@blucurrent.org



Useful Terms and Definitions  

Account Ownership Types   

Single Owner Accounts: Account owned by one individual. For individually owned accounts, the applicable transfer process (formal probate, small estate process, next of kin) generally determines when an account will be closed. Depending on the account balance, the person authorized to handle the estate may need to present the state-specific documents establishing their authority. 

Joint Accounts: Joint accounts are owned by more than one person. Most joint accounts are established with right of survivorship, which means that upon the death of the primary owner, the funds in the account typically transfer to the surviving owner. 

Trust: Account set up in accordance with a Certification of Trust. This account must be restructured and handled within the constraints of the Certification of Trust.  

Administrator: The person appointed by a court to settle the estate of a deceased person. 

Beneficiary: Person or persons who receive the assets of an estate after all debts are satisfied. 

Estate: The assets and liabilities left by the decedent. 

Executor/Executrix: Person named in the decedent’s will to settle the estate and will be approved by the court to serve as such. 

Letter Testamentary: Court documents obtained by the executor/executrix confirming his/her appointment as the personal representative with authority to settle the estate. 

Letters of Administration: Court documents obtained by the person appointed by the court to settle the estate. 

Probate: The process of gathering a decedent’s assets, paying the creditors and any taxes owed; then distributing any remaining assets according to the will (testate distribution), or state law (intestate distribution), as applicable. 


IMPORTANT NOTE: Power of Attorney 

A Power of Attorney designating another to act on behalf of the account owner is valid only during that account owner’s lifetime. The power to act ends with the account owner’s death. 

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