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Steps to Close or Transfer an Account

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Estate Account Guide

 

Steps to Close or Transfer an Account

The loss of a loved one can be such a difficult time in a person’s life. CVEC wants to make this process as easy as possible for our members when dealing with an estate account.

The CVEC account of a deceased member must be closed with any balance refunded to the estate. The service can then be transferred to another person, a relative or other, as a new account/membership.

Closing the account: The account may be disconnected at the request of the Executor, transferred to the Executor or another person, or it can be set up in the name of the Estate. The rightful heirs of the deceased can receive CVEC Capital Credits issued for the years that the deceased was a member. Issuing a refund check could take up to a month to be mailed.

Transferring account to the spouse: The account may also be transferred to the spouse of the deceased or to another family member.

Cost: A $25 set-up fee is required for all new accounts with CVEC.

If transferring the account to the spouse, the account set-up fee and deposit are waived.

If the account is set up in a new name, a deposit may be required based on that person’s past utility credit history. If you are required to pay a deposit it can be broken into installments.

Capital Credit Refunds:

As a not-for-profit cooperative of members, CVEC closes its books each year and then allocates a portion of the margins to each member, based upon energy consumption. Most of the margins are not refunded immediately, but are used for construction and maintenance, reducing the amount of borrowed funds. Capital credits are returned to the member after Board review and approval.

The heirs of a CVEC member can receive CVEC capital credits issued for the years that the deceased was a member but they must first prove that they are eligible. CVEC adheres to the Virginia statutes regarding inheritance.

To prove rightful inheritance the following must be presented:

1. A copy of the death certificate. If you don't have a death certificate you can get one from the Virginia Office of Vital Records.

2a. Proof that the applicant is the surviving spouse / sole heir / trustee / executor / executrix / administrator (A legal Will demonstrates this.)

OR

2b. If there is no Will or the estate is already closed, you can download a Request for Capital Credits Valued at $10,000 or Less form.

3. The address and contact information of the Executor of the Estate if not in the Will

Designated heirs of estates will receive capital credit refunds as a lump sum. If the CVEC account is closed, they can email CVEC or call 800-367-2832 and ask for a "Request for Estate Settlement Capital Credit Refund Form" and return a signed copy to CVEC. The form will ask:

the deceased member’s full name and last known address

the CVEC account number(s) if known.

The form CVEC sends you will give the lump sum dollar value of all credits for the account(s) and explain what other documents need to be included when it is returned to the co-op. Issuing a refund check could take up to 2 months to be mailed.

 

 

 

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Phone: 434.263.8336 | Toll free: 800.367.2832 | Fax: 434.263.8339

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Arrington, VA 22922

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Lovingston, VA 22949