What to do when a member dies

We understand that dealing with a family members financial affairs whilst grieving can be extremely difficult. This page details the procedure that we are required to follow to process any claims to withdraw the funds of a deceased member of Beacon Savings & Loans. This will, hopefully, make this process as easy as we can make it.

Let us know

We understand that the death of a loved one can be a very difficult time and we want to make this process as straight forward as possible for you.

You can email us info@WeAreBeacon.com, giving us your contact details and someone will be in touch. You can also call in to either our Runcorn or Widnes branches, or you can call us on 03300569715.

Credit Unions are able to pay the first £5,000 out to a person nominated by the member prior to their death, either at joining or via an update form.

If you are the nominee, next of kin, executor of the will or have a Grant of Probate or Letter of Administration; and there are funds in the members account we will arrange an appointment to discuss your claim and complete any documents required.

There is a document you can download, below, which will outline the process and what documentation you will need to bring with you.

We aim to process your claim in a sensitive and efficient manner and in a way that causes the minimum of distress.

Documents required to close a deceased members’ account

Death Certificate

The death certificate

Identification

Proof of your identity

Will or Grant of Probate

Any Grant of Probate or Letter of Administration

We will make you an appointment

If you call in to a branch and we are able to see you immediately, we will, though this is not always possible. If this happens, we will make an appointment for you to come into our branch. At the appointment, we will verify your claim using the information you bring with you, along with any information we have on the members’ account. Once we are satisfied that you are the rightful claimant, we will start the process of completing your claim.

The process will vary depending on the funds in the account, whether the member had a loan and whether there is any claim from another person.

If you are unable to attend a face-to-face appointment, we can arrange a video appointment. We will still require the original documents to process the claim.

Loan Protection & Life Savings Insurance

Beacon Savings & Loans provides an insurance, at no cost to our members, to protect its members’ savings and loan accounts in the event of their death. – helping to reduce the financial burden of bereavement.

Life Savings Insurance

Our Life Savings insurance is a single, lump-sum payment to help with end-of-life expenses, in the event of the members death. The value of this is directly linked to the member’s savings behaviour and balances. Generally, the more a member has saved, the higher the payment. (Cover limits and restrictions apply based upon balance, age at death and pre-existing conditions. Individual limits and restrictions may vary over time).

We can provide more information about this and how the claim works at your appointment.

Loan Protection Insurance

If the deceased member has an outstanding loan balance with us, we will make a claim on their behalf to offset the outstanding balance so that it isn’t passed on to their loved one. (Cover limits and restrictions apply based upon balance, age at death and pre-existing conditions. Individual limits and restrictions may vary over time)). If the claim is unsuccessful we will offset the outstanding balance using funds in the savings. We have the right to do this as a part of our legal right to ‘lien of shares’.

What is Probate

When an estate is valued at over £5,000, including property, probate grants you the legal right to close accounts and sell assets.

Under the Co-operative and Community Benefit Societies Act 2014, credit unions are able to pay the first £5,000 to the nominated person held with the credit union.

When a claim is straight forward, such as when the nominee is also the next of kin, we will also look to process the next £5,000. Any value over this, or when the claim is not straight forward, will require either a grant of probate or a letter of administration.

If you click the button below, you can download a file which explains the process of applying for Probate, although we always recommend seeking legal advice, you are able to do this process yourself.

All claims, for all values will require an indemnity form to be completed and witnessed by a solicitor. The solicitor may charge a fee for this service.

When there is no will or nominee

We will try to work with the next kin to find a suitable solution, although where this is not straight forward, probate is likely to be required.

Legally, common law partners, have no rights of inheritance under intestacy laws, unless they are named in a will. We highly recommend all of our members to have a will.

Inheritance rights fall in the following order:-

Spouse/Civil Partnership
Children: Legally adopted children are equal to biological children, if a child has passed away and they have children, their children split their share equally.
Parents of the deceased
Siblings: If a sibling has passed away and they have children, their children will receive their parents share.
Half Siblings: As with siblings, the children of a half-sibling will inherit their parents share if they have passed.
Grandparents.
Aunts & Uncles: If an aunt or uncle has passed, their children will inherit their share
Half Aunts & Uncles: If a half aunt of uncle have passed, their children will split their share equally.
If none of these are present, the crown estate receives the funds.

Contact us about your loved one

Contact

Your Name(Required)

About the member

Deceased Members Name(Required)
DD slash MM slash YYYY
Member's Address(Required)

Contacting you