When death or other life events impact your family’s financial future, Orion offers a number of special accounts as a service to our members. We understand how difficult these experiences can be on you and your family and are here for support as you take the next step.
A court-appointed party, usually an executor, personal representative, or administrator may choose to open an estate account after someone has passed away. The account can be accessed by the executor of the estate to deposit the decedent’s money and pay the decedent’s personal debts and bills, including funeral expenses. It is also an account the executor may utilize to distribute any applicable funds to beneficiaries of the estate.
Documents you may need to open an Estate Account:
• Death Certificate
• Small Estate Affidavit
• Letters Testamentary or Letters of Administration
• Employer Identification Number (EIN)
Power of Attorney
A power of attorney gives one or more persons the power to act on your behalf as agent or attorney-in-fact and handle your affairs on your behalf while you are alive. Your particular circumstances may indicate the need for granting either broader or more restrictive powers. These powers may include powers to encumber, sell, or otherwise dispose of any property held in your name without any advance notice to you or approval by you.
Documents you may need to establish a Power of Attorney:
• Notarized Power of Attorney document
• Note from physician(s) certifying incapacities
A representative payee is a person or entity appointed by Social Security Administration (SSA) to act on behalf of the recipient of benefits as authorized signer. The representative payee establishes the account in the name of the recipient as the only owner.
Documents you may need to establish a Representative Payee:
• SSA appointment letter
A conservatorship may be established on behalf of a court-determined incapacitated adult person in which another entity or person, legally designated as conservator by the courts, acts on behalf of the incapacitated person as authorized signer. Some states refer to this type of account as a guardianship.
Documents you may need to establish a Conservatorship:
• Court order appointing conservator/guardian OR Conservator’s certificate
A VA Fiduciary account can be established to assist veterans and/or their beneficiaries who, due to injury, disease or age, are unable to manage their financial affairs. A fiduciary is an individual or entity that has been appointed by the Department of Veterans Affairs (VA) to receive VA funds on behalf of a beneficiary for the use and benefit of the beneficiary and his/her dependents.
Documents you may need to open a VA Fiduciary:
• Letter from VA
A trust account is a fiduciary arrangement through which funds or assets are held by a third party, or trustee, on behalf of a beneficiary or beneficiaries. There are various types of trust accounts – each with a different purpose. Please note that while a Trust account can be opened with Orion to hold funds, Orion does not have a trust department and is prohibited by law from acting in the capacity of trustee.
Documents you may need to open a Trust Account:
• Certificate of Trust OR Trust Document
• Employer Identification Number (EIN) for certain types of trust
Contact us at 901-385-5200.
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Orion does not provide legal or tax advice. The information herein is general and educational in nature and should not be considered legal or tax advice. Orion cannot guarantee that the information herein is accurate, complete, or timely. Orion makes no warranties with regard to such information or results obtained by its use, and disclaims any liability arising out of your use of, or any tax position taken in reliance on, such information. Consult an attorney or tax professional regarding your specific situation.