Losing a loved one is undoubtedly one of the most difficult times in one’s life. Not only are you grieving the loss of a spouse, parent or child, you have a million other tasks to deal with when it comes to settling their estate.
Is This Necessary?
There are a number of factors that will determine whether or not an Estate Account is required, which include, but are not limited to the following:
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Was the deceased married?
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Was the deceased’s account joint with their spouse?
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What is the total value of the deceased’s account(s)?
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Does the deceased have property that must be sold?
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At Oshawa Community, we understand that the average person is not an expert when it comes to settling estates, but we are. If you suffer the death of a loved one who was a member of Oshawa Community, one of our compassionate and knowledgeable Member Service Representatives will guide you through the process.
Depending on your unique situation, an Estate Account may need to be opened so the executor(s) named in the will can use the funds to facilitate necessary transactions (i.e. funeral costs) and eventually distribute the remaining funds to the beneficiaries of the estate.
Whether or not an Estate Account is opened, Oshawa Community will always ensure the following transactions are taken care of on behalf of our deceased member:
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Each pre-authorized payment will be reviewed to ensure household bills and insurance payments are made
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Payments issued during the month of death (CPP, OAS, pensions and so on) are credited to the account without interruption
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Unauthorized debits and services no longer needed (gym membership, cell phone bill, personal cheques, service charges) are returned
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Deceased’s income taxes are paid
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Need Help?
For more information regarding estate accounts, visit us in branch or contact our friendly and experienced Estate Specialist Carolyn Terrion by telephone (905) 436-5420 or e-mail carolynt@oshawacu.com
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