Survivor Support

Account information is limited to those who have legal rights to the information. A Survivor Support Specialist will review accounts to determine account ownership rights or rights as an estate representative.

Not in all circumstances. It will depend on the amount of the assets held by the decedent and their state’s laws. For more information on what is required, refer to your loved one’s state and county probate guidelines.

Please contact the probate court for your loved one’s county and state to begin the probate process, which will allow the court to appoint an overseer of their estate. Navy Federal does not accept nor interpret wills.

No, Navy Federal cannot honor a POA after the principal has passed away. The document expires upon their death.

Account Types: Savings (including custodial), checking, Money Market Savings Account (MMSA), Individual Retirement Arrangement (IRA) and share certificates.

Individual Account: An account with no joint owners. If no survivor is designated, a probate court may need to determine how we distribute the assets. Some states allow distribution without probate if the estate is valued under a certain amount.

Joint Account: An account that another person has legal ownership of. If the decedent is the joint owner, they will be removed from the account. If the decedent is the primary account owner, the joint owner will decide whether to retitle the account to themselves or close it.

Affidavit: A document that enables the named person to claim or disburse funds from the decedent’s accounts. States define the size of an estate that can be handled with an affidavit instead of a court document.

Beneficiary: A person or entity (such as a trust or charity) entitled to receive the decedent’s assets.

Custodian: The adult who is responsible for maintaining a custodial account, which is a minor’s savings account the minor cannot access, on their behalf. If the decedent was a custodian, a new custodian must be named.

Estate: The legal term for the decedent’s cumulative assets and liabilities. Whether an estate must be established varies by state and the value of the decedent’s assets. When there is an estate, a person is designated as the executor/administrator in an affidavit or court document.

Intestate: When a person dies without a will. A court must decide who will handle and inherit the deceased person’s money.

Payable on Death (POD): Similar to Survivorship, this designates the intended recipient of an account’s assets. This is signed and archived account documentation that we maintain.

Probate: The process by which a court determines the authenticity and validity of a will. Each state establishes the threshold for estates that must go through probate. Smaller estates generally do not require probate. Complex estates with many assets may take a year or longer to go through probate.

Survivorship: Similar to POD, this designates the intended recipient of an account’s assets. This is signed and archived account documentation that we maintain.

Trust, Trustee: A trust account enables one or more trustees to maintain accounts on behalf of the named person. If the decedent was a trustee, we will request direction on replacing him/her on the trust. If the trust was established to control the decedent’s assets, the trustees will have decision-making authority over assets shown to be included in the Trust.