News & Updates
Skip Probate With POD Accounts
Take one simple step to keep at least part of your estate from being processed through probate court. Fill out a payable-on-death (POD) form for HTFFFCU accounts. When you die, the money from those accounts goes right to the person you named. Probate can drag on for months or years, and the process can eat away 5% or more of an estate’s value. Residents of most states can fill out similar transfer-ondeath documents for stocks, bonds, and mutual funds that are not in retirement accounts.
POD Account Frequently Asked Questions (FAQs)
Q: Who gets the money in my account when I die?
A: If there are any surviving joint owners, they would retain ownership of the funds. If there are no surviving joint owners, the named payable on death, “POD” beneficiaries would be entitled to the funds.
Q: What happens to my account if I do not have a joint owner or beneficiary?
A: The courts will decide how to distribute the funds.
Q: May I designate more than one individual as a beneficiary?
A: Yes. You may designate up to 6 individuals to receive equal amounts of funds in your account.
Q: What is the benefit of designating a POD beneficiary?
A: It instructs the credit union on how to disburse funds in your account.
Q: Will the credit union contact my beneficiaries upon my death?
A: Generally the answer is no since the credit union does not normally maintain beneficiary contact information. Beneficiaries should be instructed to contact the credit union upon your death.
Q: What do beneficiaries need to provide the credit union in order to receive the funds?
A: Valid form of identification and an original death certificate of the deceased owner of the account.
Q: How often may I change the beneficiary on my account?
A: As often as necessary. You should review your beneficiaries anytime you have a life-changing event such as, marriage, divorce, birth of a child, death of a spouse, death of a joint owner/ beneficiary, etc.
Q: May I designate a trust as a beneficiary?
A: No, a trust may not be a named beneficiary.
Q: Should I contact the credit union and review the beneficiaries for my accounts?
A: Yes. If you have multiple accounts or they were opened prior to 2010, the credit union recommends that you review the structure of your accounts including joint owners and beneficiaries.
Q: How do I find out if I have a beneficiary on my account?
A: You can contact the credit union at 713-864-0959 and speak to one of our Call Center Representatives.
This information is not intended to serve as legal advice. Please contact your attorney for specific questions regarding your account.
For more information on how your accounts are currently set up, contact a Member Service Rep at (713) 864-0959.
Download FAQs in a printer-friendly format by clicking here.
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