Special Accounts

Losing someone is stressful enough, navigating their financial affairs doesn't need to be.

To get started, we suggest booking an appointment with us here, and you may want to contact your legal advisor for assistance as needed.

What is it?

This account is used to hold a deceased member's estate assets separate from an estate administrator's personal accounts to pay taxes, debts, and other obligations during the estate settlement. This account is temporary and will be closed once the assets of the estate are disbursed and settled.

What do you need?

• The deceased's full legal name and social security number
• The death certificate, typically provided by the funeral home or government agency
• Letter of qualification and TIN (Tax identification number)

Do you qualify?

• If the deceased was a member at the time of their death, then an estate account may be opened. 
• If the deceased wasn't a member, but was eligible at their time of death, and all beneficiaries of the estate are currently members, the account may be opened. Beneficiaries must be eligible and have established membership for proper insurance coverage.
• In either case, the executor doesn't need to be a member or be eligible for membership as an individual.

What's next? 

1. Notify us of the death and provide us with a copy of the death certificate and any additional documents as required by law.
2. We'll review the documentation and may require additional documents. 
3. Upon arrival, we'll open this temporary account and the funds will be disbursed. 

Tax identification number

As an estate account is a separate account from the deceased and requires its own TIN (tax identification number). The Executor must apply with the IRS for a TIN prior to opening the account (via irs.gov or 800-829-4933).

Questions? Give us a call at 540-663-2181.

Protect your estate with a trust account. We're here to help ensure that your personal wishes are carried out correctly.

A trust is a legal document that enables a person (the grantor) to transfer property into the custody of another (the trustee) to use and manage for the benefit of the beneficiary.

Why set up a trust?

• Divide income among your loved ones
• Reduce probate and estate costs
• Protect assets from creditors

When we open this, we aren't setting up the trust (you must contact your legal advisor for this), but we are opening up an account to hold the funds that belong to the trust.

What are the requirements?

• All trustees must be eligible and establish membership to ensure proper share insurance coverage.
• You'll need the trust agreement, abstract of trust, memorandum of trust, certification of trust
• Completion of our certification of trust account form
• Names of beneficiaries

Your situation is unique, and we're here to meet your needs every step of the way.

This account is useful if you have special legal responsibilities that include managing and controlling property for another person, that you have no ownership interest in. Typically, these are established because of a physical/mental disability, or incapacity due to advanced age.

A court order appointing guardianship or conservatorship is required to open this account.

What’s a Fiduciary account?

A fiduciary account is an account where the funds on deposit are managed and controlled by an authorized individual—the fiduciary—for the benefit of another. Custodial, estate, guardianship, representative payee and conservator are all examples.

What are guardians and conservators?

Guardians and conservators are people appointed by a court or other government entity to assume responsibility for another person’s care and/or finances. The individual, minor or adult, under the care of this person is often referred to as a “Ward.” The fiduciary (or conservator) is typically appointed to manage the ward’s finances.

Have questions? Call us at 540-663-2181. Want to open the account or discuss further? Book an appointment with us.

Being a representative payee isn't a job to be taken lightly. Let us help lighten the load.

What is a representative payee?

A representative payee is an individual that receives Social Security Income (SSI) payments for the benefit of a disabled individual that cannot manage or direct the management of their money.  In these situations, the social security administration appoints a representative payee.

The fine print

• A payee is only appointed to handle social security funds—they have no legal authority to manage non-social security income. A representative payee does not have power of attorney.
• A prime share savings account must be established by the representative payee to qualify for a representative payee account (this simply establishes your membership).
• This account is ONLY for social security/ssi funds. No other funds can be deposited or comingled in this account. The funds can be deposited via ACH or check.
• The representative payee is the ONLY person who can access this account. The money belongs to the beneficiary, but they will NOT have access to it.

Virginia Uniform Transfers to Minor Account

Under the Virginia Uniform Transfers to minor act, property is transferred to a custodian who holds and administers the property for the benefit of a minor.  A custodian can be anyone and does not require legal document. Parent, grandparent, aunt/uncle, family friend, etc. can establish an account for a minor. VA allows only two custodians on the account and the custodian can appoint an successor custodian if one should pass prior to closing the account. VUTMAs are eligible for savings and certificate products only. Excludes checking and IRAs. Custodian must designate when the account will payout (closed) based on the minor's age, 18 or 21. Funds in the account are an irrevocable gift to the minor and a check payable to the custodian(s) for the benefit of the minor at account closure. Only the custodian may access and control the account, not the minor. The minor and custodian's full legal name, date of birth, social security number and physical address is required at account opening. A valid Government photo bearing ID is also required for the custodian(s).