A Capital Credit Beneficiary Designation can simplify the process of claiming capital credits upon the death of a Member. Naming a beneficiary allows for capital credits to be paid directly to a named beneficiary without probate. Commercial Members, which include any Member that is not a natural person (business organizations, sole proprietorships, partnerships, charitable organizations, or trusts) cannot name a beneficiary.
The named beneficiary can claim the deceased Member’s capital credits pursuant the policies of Baldwin County Electric Membership Corporation (the “Cooperative”) in effect at the time of the death of the Member. If an account is jointly held with another person, all Members on the account must sign the Capital Credit Beneficiary Designation which will not be effective until the death of the last surviving joint Member. A Capital Credit Beneficiary Designation may be revoked at any time prior to death of the Member(s). A beneficiary designation or revocation is subject to the articles of incorporation, bylaws, and policies of the Cooperative.
To be effective, a complete, original, notarized Capital Credit Beneficiary Designation or Capital Credit Beneficiary Revocation (linked below) must be filed with and accepted in writing by the Cooperative prior to the death of the Member. A designation or revocation that is not satisfactory to the Cooperative, in its sole discretion, may be rejected by it without any liability therefor. If multiple Capital Credit Beneficiary Designations or Capital Credit Beneficiary Revocations have been accepted from the same Member(s), only the last instrument accepted prior to death of the Member(s) will be effective.
For more information, please call 251-989-6247 to speak with a member representative.