Overview
Lake Michigan Credit Union (LMCU) is the largest credit union in Michigan and a significant financial institution in Florida, serving over half a million members. When an account holder passes away, the estate representative must notify LMCU's Special Accounts Department to handle the transition or closure of accounts.
This guide covers LMCU's specific estate procedures, including the direct line for their Special Accounts team, required documentation for Michigan and Florida estates, and what to expect during the settlement process.
LMCU operates primarily in Michigan and Florida, so state-specific probate laws (especially regarding small estate affidavits) will heavily influence your process.
This guide provides informational guidance only. It is not legal advice, and SwiftProbate is not a law firm. Laws and institutional procedures change — verify current requirements directly with Lake Michigan Credit Union and consider consulting a qualified attorney.
Notification Process
How to Notify Lake Michigan Credit Union of a Death
Step 1: Gather Initial Information
Before contacting LMCU, have the following ready:
- Decedent's full legal name and date of birth
- Date of death
- Social Security number
- Account numbers (if known)
- Your name and relationship to the decedent
- A certified copy of the death certificate
Step 2: Call the Special Accounts Department
LMCU handles deceased accounts through a dedicated team called Special Accounts.
- Direct Line: (616) 265-3130
- General Line: (800) 242-9790 (ask for Special Accounts or ext. 6335)
- Hours: Mon–Fri, 9:00 AM – 5:00 PM ET
When you reach the department, they will:
- Verify the decedent's membership status
- Place a deceased flag on the account(s) to freeze access
- Advise on specific documents needed based on the account ownership (joint, individual, trust)
- Provide instructions for mailing documents or visiting a local branch
Step 3: Submit Required Documents
You can submit documents by visiting a local branch (in Michigan or Florida) or by mailing them to the headquarters.
Mail to:
Lake Michigan Credit Union
Attn: Special Accounts Department
P.O. Box 2848
Grand Rapids, MI 49501-2848
Step 4: Wait for Processing
After LMCU receives your documents, the Special Accounts team will review them.
- Document review: Typically 3–5 business days
- Funds release: Once approved, funds are usually released via cashier's check or transferred to an estate account.
Step 5: Receive Funds / Transfer Assets
For estate accounts, you may need to open a new "Estate of [Decedent]" account with LMCU if you wish to keep the funds at the credit union, or request a check payable to the estate.
Required Documents
Documents Lake Michigan Credit Union Requires
The exact documents depend on account type, account value, and whether the estate is going through probate.
Always Required
| Document | Details |
|---|---|
| Certified death certificate | Original certified copy required |
| Government-issued photo ID | Of the person claiming the account |
| LMCU Estate Checklist | Provided by the Special Accounts team |
If There Is a Will (Testate Estate)
| Document | Details |
|---|---|
| Letters Testamentary | Issued by the probate court naming the Personal Representative |
| EIN (Employer Identification Number) | For the estate, if opening an estate account |
If There Is No Will (Intestate Estate)
| Document | Details |
|---|---|
| Letters of Administration | Issued by the probate court naming the Personal Representative |
| EIN | For the estate |
Small Estate (Below Probate Threshold)
| Document | Details |
|---|---|
| Small Estate Affidavit | Michigan (PC 598) or Florida specific form, depending on where the account was held |
Beneficiary / POD / TOD Accounts
| Document | Details |
|---|---|
| Certified death certificate | Usually the only document needed |
| Beneficiary's ID | Valid driver's license or passport |
Trust Accounts
| Document | Details |
|---|---|
| Trust Certification | Abstract of Trust showing successor trustee |
| Successor Trustee ID | Government-issued photo ID |
Account Types
How Lake Michigan Credit Union Handles Different Account Types
Joint Accounts (JTWROS)
LMCU typically structures joint accounts with "Rights of Survivorship." The surviving owner needs to present a certified death certificate to remove the decedent's name. The funds remain accessible to the survivor.
Timeline: 1–3 business days (immediate if done in-branch)
POD (Payable on Death) / TOD (Transfer on Death) Beneficiary Accounts
Named beneficiaries can claim funds directly without probate. They must provide a death certificate and valid ID. LMCU will issue a check or transfer funds to the beneficiary's account.
Timeline: 3–7 business days
Trust Accounts
The successor trustee manages these accounts. LMCU requires a Certificate of Trust and the trustee's ID to update the authorized signers.
Timeline: 5–10 business days
Individual Accounts (Probate Required)
Accounts solely in the decedent's name with no beneficiary are frozen until a court-appointed representative presents Letters Testamentary or Letters of Administration.
Timeline: 3–6+ months (dependent on court process)
Retirement Accounts (IRA)
LMCU has a specific team for IRAs (ext. 6335). Beneficiaries must complete an IRA Beneficiary Claim Form and provide a death certificate. Spouses have different rollover options than non-spouse beneficiaries.
Timeline: 7–14 business days
Credit Cards and Loans
Outstanding loan balances (mortgages, auto loans, credit cards) are generally the responsibility of the estate. LMCU has the right of offset, meaning they may use funds in checking/savings to cover past-due loan payments.
Timeline: Settled during estate administration
State Considerations
How Your State Affects the LMCU Process
LMCU primarily operates in Michigan and Florida. Probate laws in these states differ significantly.
Michigan Considerations
- Small Estate Threshold: $53,000 (adjusted annually for inflation).
- Affidavit: Form PC 598 (Affidavit of Decedent's Successor for Delivery of Certain Assets Owned by Decedent).
- Probate Court: County Probate Courts handle estate administration.
Florida Considerations
- Small Estate Threshold: $75,000 (Summary Administration) or very small estates (Disposition of Personal Property without Administration).
- Probate Court: Circuit Court in the county of residence.
Key State Variations
| State | Small Estate Threshold | Community Property? | Notable Rules |
|---|---|---|---|
| Michigan | $53,000 | No | Inflation-adjusted threshold; specific court forms required |
| Florida | Varies | No | "Disposition without Administration" for very small amounts |
For detailed probate requirements, see our state and county probate guides.
Timelines
How Long Lake Michigan Credit Union Takes to Release Funds
| Account Type | Estimated Timeline | Key Factor |
|---|---|---|
| Joint account | 1–3 business days | Immediate access for survivor usually |
| POD/TOD beneficiary | 3–7 business days | Verification of beneficiary ID |
| Trust account | 5–10 business days | Review of trust documents |
| Small estate affidavit | 2–4 weeks | Legal review of affidavit |
| Probate (simple estate) | 3–6 months | Court appointment process |
| Retirement accounts | 7–14 business days | IRA paperwork processing |
Note: Timelines are estimates and depend on the completeness of documents submitted to the Special Accounts Department.
Tips & Pitfalls
Common Pitfalls and Tips
Call the Direct Line
Use the direct Special Accounts number (616) 265-3130 rather than the general member service line to save time and reach the right experts immediately.
Do Not Use Online Banking
Do not log in to the deceased member's online banking to pay bills or transfer money. This is considered unauthorized access and can lead to fraud flags.
Federal Benefit Reclamations
Social Security and VA benefits deposited after the date of death will be automatically returned to the government. Do not spend these funds.
Membership Requirement
LMCU requires that the deceased was a member in good standing. If opening an estate account, the Personal Representative may need to be eligible for membership or the estate account may need to be opened elsewhere if LMCU policy restricts estate accounts to members only.
Right of Offset
As a credit union, LMCU often has a "statutory lien" on shares. If the decedent had unpaid loans or credit cards with LMCU, they may deduct those amounts from savings/checking balances before releasing the remainder to beneficiaries.