What if the owner dies, where will the money go

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  • Updated 5 years ago
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Enfield

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Posted 6 years ago

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Tiffany Brewer, Customer Support

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@Enfield

Thank you for posting your question. The sole owner of the Smartypig account is the only person that has the authority/rights to the account itself. With that stated there is currently no option for a POD (Payable on Death) for the Smartypig Accounts. If the account owner dies Smartypig will refer back to the Smartypig Account Owner's Will for direction for the funds in the account. Smartypig and West Bank, our banking partner, adhere to Iowa Law during this type of circumstance.

Please feel free to contact me at support(at)smartypig(dot)com if you have any other questions. Thanks, Tiffany
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Tiffany,

So in the case that the owner dies, will all that need to be supplied is a Death Certificate of the owner along with the will? Will the original documents need to be mailed or will a fax suffice before a total amount will be issued to the beneficiary by check? Please advise.
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Tiffany Brewer, Customer Support

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@JJM Thank you for your question. Situations vary case by case. That said, if you would like to email me your contact information, I would be happy to have our banking partner, West Bank, get in contact with you to discuss your particular situation. I can be reached at support(at)smartypig(dot)com. Thanks again for your post. Tiffany
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dawithers

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@Tiffany
When you say sole owner, does that exclude other owners that have been added to the account?
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Tiffany Brewer, Customer Support

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@Drew All SmartyPig accounts are individual accounts. You can add co-owners to your account to let them participate in the savings process, but they are not full owners of the account. Please feel free to email me directly at support(at)smartypig(dot)com if you have any other questions.
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John Grask, Employee

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SmartyPig Users,

We have heard your suggestions and feedback asking for the ability to add a beneficiary to your SmartyPig account. We are working as quickly as we can with our banking partner to provide this benefit. Look for this enhancement in the upcoming months.

We will keep you posted on our progress. Thank you for your feedback and suggestions – we are listening!

Thanks,
John
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John Grask, Employee

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SmartyPig Users,

We are pleased to announce we have added the ability to create a Payable on Death (POD) Account to your SmartyPig Profile. To add a POD account and assign a beneficiary to it, please log into your SmartyPig profile. On the left hand side of the screen, please click “Edit Profile”. Next to Payable On Death (POD) Beneficiary, please click “Add”. Next, enter in the information of your designated beneficiary and confirm the requirements of your beneficiary and click "Save". Please be sure to then click "Save Changes" on the Edit Profile page.

We are very excited to add this new feature for our users, and appreciate all the feedback and suggestions you have provided on this topic.

Thanks,
John