Estate Planning 101

Notifying People's United Financial After a Loved One’s Passing

September 13, 2023

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The passing of a loved one is a challenging time filled with numerous tasks and responsibilities. One such task includes notifying financial institutions, such as People's United Financial, where your loved one might have had accounts. This ensures the bank is aware of the situation and can provide guidance on managing the deceased's finances.

Who Should Be Notified

People's United Financial should be notified if the deceased had any accounts with them, including checking or savings accounts, loans, or credit cards. The person responsible for managing the deceased's estate, often the executor or administrator, is typically the one who should handle this.

When to Notify

It's best to notify the bank as soon as possible after the death. This will help prevent any potential issues related to fraud or identity theft, and it can also help avoid any unnecessary charges or fees on the account.

How to Notify

To notify People's United Financial of the death of a customer, you should contact their customer service department by phone or visit a local branch in person. It's important to have a copy of the death certificate and any necessary identification or paperwork, such as a document proving you're the executor or administrator of the estate.

What to Expect After Notification

Once you've notified the bank, they will provide guidance on the next steps. This might include closing accounts, transferring funds, or managing any outstanding debts or loans. The specific procedures may vary depending on the type of accounts the deceased held.

Tips for Notification

When dealing with a bank after the death of a loved one, it's important to keep records of all your communications, including dates, times, and the names of any representatives you speak with. This can help if any disputes or complications arise later on.

Conclusion

While it's a challenging task, notifying People's United Financial after a loved one's passing is a crucial step in managing their finances and preventing potential issues. Understanding the process can make this task a little easier during a difficult time.

FAQ

Q: Can I notify the bank online?
A: Currently, People's United Financial requires notification of a death to be made by phone or in person at a branch.

Q: What if I'm not the executor or administrator of the estate?
A: If you're not the executor or administrator, you should inform the person who is, so they can handle notifying the bank.

Q: What happens to the deceased's accounts?
A: The handling of the deceased's accounts will depend on several factors, including whether or not there was a joint account holder or a named beneficiary. The bank will provide guidance on this.