Early Retirement of Capital Credits
There are many things to think about when a loved one
dies; there are many decisions to be made. One
detail that many people may overlook is that if the deceased was a member
of WIEC, the estate may receive the deceased capital credits at a
discounted value. Capital
credits are normally paid back a year at a time on a first-in, first-out
method, but only when the board of directors determines that it is
financially feasible. However,
WIEC will pay back capital credits early to an estate if requested to do
so.
Here are the steps necessary for an estate or a decedent’s
beneficiaries to receive early retirement of capital credits.
1.
Determine the deceased’s
membership status in WIEC. If
the membership was single or in his/her name only, capital credits may be
refunded early. However, if
the membership was joint with the surviving spouse or other person, the
membership and any capital credits earned over the course of the
membership would becomes theirs upon date of death.
If there are any questions, contact the WIEC office to determine
the status of the membership.
2.
The deceased must not have an active electric account in
their name at the time of early retirement of capital credits.
All accounts must be disconnected or transferred to another member.
3.
The lawyer handling the estate or the executor/administrator
of the estate must contact our office requesting to receive the
decedent’s capital credits early. WIEC
will send a request form along with a detailed account of the capital
credits earned and their discounted value.
4.
A copy of the letters of office for open estates or a small
estate affidavit must be returned to the cooperative along with the signed
request form. These
forms give WIEC the legal direction needed to issue any refund.
5.
The WIEC Board of Directors must approve all capital credit
refunds. They generally meet
the 4th Thursday of the month.
6. If approved by the board, a check will be
written to the estate and mailed usually within a week or two of the board
meeting.
Western Illinois Electrical Coop. has paid back over $130,000 in capital
credit refunds to estates over the years.
We do it as a service to our members to help make the sometimes
tedious process of settling an estate a little easier.
