JEP credit union CD’s beneficiaries new policies

Hi all

What I learned today: I went with an expat friend, to JEP Credit Union, to renew the CD, for another year, and we were surprised, that when my friend asked the JEP officer, to include a person as beneficiary in case he dies, the answers from the Investor officer was:

Since the pandemic times, we are not allowing any more, to include a direct beneficiary in the CD; now, in case of death, the money goes, 50% to the alive spouse and 50% to son(s) and or daughter(s).

In order to receive the money, the survivor family has to prove that they are family. How? in case of spouse, married certificate, registered in Ecuador, and in case of kids, birth certificate, apostilled and translated.

Spouse case, also can be a civil union document, but registered in the Registro Civil of Ecuador.

In all these cases, deliver all the documents to JEP and start the due process.

But, another solution, can be a Last Will and Testament with the specifications in how the money in JEP, has to be or not split into the survivor relatives. Of course, this Last Will and Testament, can include properties, more investments, cars, bank accounts, into Ecuador.

If you have any questions, let me know.

Ulises Acosta: ulisesacostac@gmail.com .

City: Loja

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