You can make choices now that will simplify the financial process for your loved ones after you’re gone.
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Prepare Your Sunward Accounts for Your Family
The loss of a loved one can be a troubling time, and transitioning the day-to-day management of a deceased family member’s finances can be overwhelming. However, you can make choices now that will simplify the process for your loved ones after you’re gone. To prepare your Sunward accounts for an easier transition after your passing, consider the following:
ESTABLISH A WILL
Having a will with clear instructions for how you’d like your estate handled may be the single most important document you can create. A will tells your family exactly how you want your finances handled after your passing. After your will is filed with the courts and an executor is named, Sunward can work with them as they ensure your wishes are carried out.
VERIFY ANY JOINT OWNERS ON YOUR ACCOUNT(S)
The joint owner on your account(s) will be the only individual allowed access to your accounts after your passing – regardless of your relationship at the time of your death. Ensure any joint account owner on your account(s) is the person you want handling your finances after you’re gone.
CONSIDER ADDING A PAYABLE ON DEATH BENEFICIARY TO YOUR ACCOUNT(S)
If an account does not have a joint owner, or the joint owner is also deceased, any funds within the account go to the payable on death beneficiary. To verify the payable on death beneficiary on your account(s), or to add one, call our Contact Center at 505.293.0500 or 800.947.5328. When adding a beneficiary, Sunward is required to obtain the beneficiaries’ name, date of birth, physical address, and social security number.
PREPARE FOR YOUR DEBTS TO BE PAID
After your passing, any debts you owe will be paid by your estate. If you have a loan or credit card with Sunward, any funds in your Sunward accounts will be used to pay the outstanding balance(s). This could be a surprise for joint account owner(s) or authorized users on your account(s). By purchasing life insurance or a debt protection plan, you can help ensure that your joint account owners, co-borrowers, or beneficiaries are not responsible for paying your debts after you’re gone.
PLAN FOR YOUR CREDIT CARDS TO BE CLOSED
If you’re the primary income earner for your family and have a credit card or line of credit that your spouse relies on, it’s important to consider how they might need that credit after you’re gone. Following your death, any credit cards in your name will be closed and your spouse will need to re-apply for a new card. The new application will be reviewed and approved based on current income. If you’re retired, your spouse’s income will likely be less than when you first applied, which could cause a significant decrease in the amount of credit available to your spouse.
Read part 1 of "Taking Care of Difficult Business" at gosunward.org/financial-wellness.
This article should not be construed as legal advice. If you have questions about estate planning, please consult an estate planning attorney.
PROTECT YOUR LOVED ONES WITH A BORROWER PROTECTION PLAN
Sunward offers a Borrower Protection Plan that can help protect your loved ones from having to repay your debts after you’re gone. The plan will cover the remaining balance on any loan you have with Sunward after your death (conditions apply) and can be added to any loan at any time. The plan will also cover you if you become disabled or experience a loss of employment.
Please contact your loan representative or refer to the member agreement for a full explanation of the terms of the Borrower Protection Plan.
Visit gosunward.org/DebtProtectionPlan to learn more.
