Executorship Savings account
This account is specially designed to aggregate all Members' savings to allow access to the named estate manager or execute the will of a member as if he/she is still alive. It forms part of the member's estate
Features
- The balance on this account is a net of all assets and liabilities held at the time of death with the SACCO.
- Earns 7.5% interest, and is credited quarterly
- Access to this account is per the last written instructions or declarations left by a member during his life.
Benefits
- Facilitates deceased members' legacy
- Offers safe savings management options for members.
- Allows members to name or transfer membership to their beneficiaries.
- The statement is available to the named next of kin on request
- Allows members to have their assets held for the minors till the age of 18.
- Allows payments directly to 3rd parties if arranged
- Payments to 3rd parties should be encouraged on the presentation of bills, and bank slips.
Requirements
- Completed beneficiary forms must have been filled in to clearly show:
- Names of beneficiaries
- Proper identifications of Trustees and beneficiaries
- Beneficiaries’ colored passport photo(s)
- Percentage distributions and contacts to each of the named beneficiaries or Trustees.
- Proper identifications of named next of kin should be filled by members during their life.
