Executorship savings

This Account forms part of the member's estate. It is specially designed to aggregate all Members savings to allow access to named estate manager or execute the will of a member as if he/she is still alive

Features

  • Earns 7.5% interest, and is credited on a quarterly basis 
  • The balance on this account is a net of all assets and liabilities held at the time of death with the SACCO.
  • Access to this account is limited to written instructions or declarations left by a member during his life.

Benefits

  • Facilitates deceased members' legacy 
  • Offers safe savings management options for members. 
  • Not encumbered with any Loans because it is a net of all liabilities
  • Allows members to name or transfer membership to their beneficiaries.
  • Statement is available to the named next of kin on request 
  • Allows members to have their assets held for the minors till age 18.
  • Allows payments directly to 3rd Parties if arranged

Requirements

  • Equivalent to application of membership.
  • Proper specification of amounts to be paid per period and to whom.
  • Proper identification of named next of kin should be filled by member during his life.
  • Declaration form must have been filled in at the time of registration to clearly show:
  1. Names of beneficiaries
  2. Proper identifications of Trustees, beneficiaries (colored Passport photo)
  3. Percentage distributions and contacts to each of the named beneficiaries or Trustees.
  4. Type of products that you wish them to access and any other information that is considered relevant.
  • Payments to 3rd parties should be encouraged on presentation of bills, bank slips.