The universal challenge of death’s administrative aftermath
When my grandmother passed, our family spent the following week navigating the endless web of customer service calls. She hadn’t added my grandfather to her personal savings account, a small stash she’d built over the years. This simple oversight triggered the probate process, an expensive and time-consuming legal procedure for distributing assets after death. If you’re unfamiliar with probate, consider yourself lucky. Instead of spending time together sharing memories, we found ourselves stuck on hold, filling out paperwork, and driving around town running errands.
Our situation, while frustrating, was ultimately manageable. My grandmother had lived a long, fulfilling life, and we weren’t in desperate need of those funds. But for many families, the stakes are much higher. Often, members are not only grieving but also facing dire financial consequences. In one case, a spouse was left without access to the funds needed to pay the mortgage, resulting in stress over penalties and the looming threat of foreclosure—on top of the loss of their life partner.
Navigating these processes while grieving is difficult, but necessary. And, unless you’re exceptionally fortunate, settling accounts and gaining access to funds is often a top priority in the immediate aftermath of a death.
The role of credit unions
We’ve found that many people first go to a branch or call their financial institution in the days after a loss to ask questions about accessing funds. This is a crucial moment when credit unions can do what they do best—empathetically help people through a time of emotional and financial stress. During this time, people remember who was helpful and who wasn’t.
Over the past year, we have been traveling around as part of the Curql Accelerate program and meeting with different credit unions. One of the big learnings was the huge variation in how deceased accounts are handled—and the impact this has on asset retention. At the most proactive institutions, a single point of contact is assigned to the beneficiary, guiding them through the process of managing all accounts—mortgage, savings, credit cards, and loans. In contrast, other credit unions hit grieving families with letters from multiple departments, each requesting copies of the death certificate and their own paperwork. When they call to follow-up, they have to retell their story to new people, again and again.
The business case for compassion
The difference in approach matters. Some credit unions retain over 85% of accounts when a member passes away, while others retain less than 15%. With the "Great Wealth Transfer" expected to shift more than $70 trillion from Baby Boomers to Gen X and Millennials over the next 20 years, credit unions need to prepare. The average age of a credit union member is 53, meaning these institutions will feel the impact sooner than others. Now is the time to get this process right—not just to support grieving families, but to retain valuable assets.
A note on empowering families through estate planning
All of this becomes easier with comprehensive planning. Members can avoid sending their loved ones on a scavenger hunt to find valuables and accounts, save thousands of dollars, and prevent conflict over what they would have wanted.
Yet, despite the obvious benefits, only around 25% of people have a will or an advance directive. Even if some people are reluctant to plan, credit unions can ensure that their loved ones have the support they need when the time comes. However, the vast majority of members do want to plan ahead: from our surveys, 90% of people aged 55+ want some form of estate planning. Everyone has different priorities and just pushing a legal document may not resonate with everyone. Some people care deeply about end-of-life medical decisions, while others focus on who will care for their pets or how to share (or definitely not share) their phone photos.
In addition to helping beneficiaries, estate planning can open a new, non-interest revenue stream for credit unions. Being there for members can pay for itself.
By supporting members and their loved ones through all life stages, credit unions can meet a real need in their communities, helping members navigate one of life’s most difficult moments with grace, while also building loyalty and trust that lasts generations.
Peacefully’s solution for credit unions
While I would personally love to live forever, death is universal, and unfortunately, so is the often-overwhelming administrative work that comes with it—whether you are planning ahead or settling affairs. This is a reality that affects all income levels, in every city and state. At Peacefully, we’ve seen a wide spectrum of needs. That’s why we take a holistic approach to estate planning, offering legal documents as well as a secure, comprehensive vault where members can share their wishes and important information with their designated deputies. Our work with advanced cancer patients at Fred Hutch Cancer Center has shown that Peacefully is not only easy to use but a service that patients and their caregivers would recommend to others. We also specialize in helping credit unions create a streamlined deceased accounts process. Our approach ensures your team can focus on what matters—providing an empathetic, human experience during a difficult time. We also guide families through the entire estate-settlement process, including handling online accounts, finding grief support, organizing a funeral, and more. If you are interested in learning more, reach out to schedule a demo here.
