Estate Account Instruction Sheet and Forms
- The purpose of an estate account is to allow the executor to handle the finances of an individual who has passed away. The executor will use the funds in the estate to settle the decedent's debt, pay taxes, and distribute assets from the estate account.
- PenFed can establish an Estate Account if the decedent was a PenFed member at the time of death, or if the executor qualifies for PenFed Membership. An executor, however, is not required to become a PenFed member.
- To be eligible for membership, an executor must be:
- Serving in the military (active, retired, or honorably discharged).
- Being eligible through an association, employer, volunteer activity, or work location.
- If the individual is not eligible through one of the standard methods, they can choose: “Other or None of these options apply to me”
Please be sure to submit all required forms and documents, or there may be a delay in processing your request.
1. Application for Estate Accounts (Form 20-EST) or Application for Premium Online Savings Account (Form 220-EST)
- To establish your Estate Membership and Share Account, please fill out the form completely.
- A copy of the death certificate for the decedent.
- A court issued document appointing the executor/personal representative of the estate.
- IRS Assignment of TIN verification letter.
- Government issued ID for any non-member executors.
You might be interested in these additional Estate Account products:
- Application for Premium Online Savings Account (Form 220-EST)
- Application for Checking Account (Form 151-EST)
- Application for Money Market Certificate (Form 688)
- Checking, savings, and certificates can be titled under an Estate. However, IRAs cannot be opened under an Estate.
- PenFed cannot open loans under an Estate.
- ATM and debit cards are not allowed.
Please call 1-800-247-5626 with questions and we would be happy to assist you