Have you ever wondered what happens to your account after death? When setting up your account, you will be asked to set a beneficiary. This person will be able to access that particular account upon the account holder’s death. That idea is simple enough, but this might have raised additional questions.
What happens if the joint owner survives the primary owner?
In the unfortunate event that you and any joint owners on the account pass away, the funds within your account will become accessible to the beneficiary. However, if the joint owner is alive, any account the joint owner is on will not be accessible to the beneficiary.
Can my beneficiary access my account?
The beneficiary does not have the same access as a joint owner and will not have access to your account or any information until a death certificate has been received for all account owners.
Who can be the beneficiary of my account?
Beneficiaries can be a person, charity, or other non-profit organization.
Can I have more than one beneficiary?
If you have multiple children or want your funds split between several parties, there is no limit to the number of beneficiaries allowed. Upon your death and the death of any joint owners, the funds will be paid to the beneficiary(s) on record in equal shares unless you designated otherwise.
How do I set up or change my account beneficiary?
To set up beneficiaries, the information required is the beneficiaries’ name, address, social security number, and date of birth.
We understand relationships change, so if you need to change your beneficiary, you can update this information at any time.
What if my Will and account beneficiaries are different?
The beneficiary on an account supersedes a Will. This means if you change your Will but not your account, the funds will be available to the beneficiary you provided R1.
If you would like to add or update your beneficiary or have additional questions, please reach out to us! Our team would love to help make sure you feel secure if something unexpected happens. So get started by calling us at 800-375-3674 or visiting a location today!