Closing Accounts and Transferring Funds
Overview
After Sunset discovers financial accounts—or after you add accounts you already knew about—you can use Sunset to close those accounts and transfer the funds. This is where Sunset's service becomes truly valuable: we provide you with everything you need to manage the complex paperwork, communicate with financial institutions, track your progress, and ultimately get funds transferred to your estate bank account for safekeeping and distribution.
The account closure process involves significant paperwork, institution-specific requirements, and careful coordination. Sunset equips you with the right documents, pre-filled forms, contact information, and tracking tools so you can navigate this process smoothly and at your own pace. You remain in control of every step, deciding when and how to move forward with each institution.
How Account Closure Works
The Step-by-Step Process
Once you've reviewed the accounts discovered by Sunset (or accounts you've added manually), you can begin the closure process for any institution you're ready to address.
Step 1: Select an Institution to Close
From your Sunset dashboard:
Log in to your account at hellosunset.com
View the list of discovered accounts
Click on a specific institution (for example, "Chase Bank" or "Fidelity Investments")
Review the account details
Select "Close and Transfer Funds" to begin
You can work on multiple institutions simultaneously or handle them one at a time—whatever makes sense for your situation and schedule. There's no pressure to move faster than you're comfortable with.
Step 2: Tell Sunset Where You Are in the Process
When you select an institution to close, Sunset will ask how far along you are:
Haven't started yet – Sunset will guide you from the very beginning
Already notified the company – Sunset will help you with the next steps, including tracking, form filling, and fund transfers
Waiting on forms or a response – Sunset can help you upload, fill out, and respond to any documents you've received
Even if you've already begun working with an institution before using Sunset, we can help you manage the remaining steps, keep everything organized, and ensure nothing falls through the cracks.
Step 3: Prepare Your Document Packet
Before contacting the financial institution, you'll need to assemble the documents they'll require. Sunset makes this easy by generating a complete document packet for you.
What's included in your Sunset document packet:
Certified copy of the death certificate – Most institutions require this as proof of death
Legal probate authority – Letters testamentary, letters of administration, or other court documents establishing your authority over the estate
Copy of your government-issued ID – Proves you are who you claim to be
Cover sheet with instructions – A professional cover letter addressed to the financial institution, explaining what's enclosed and providing clear instructions to close the account and mail any checks to Sunset's address
The cover sheet is specifically formatted for the institution and tells them exactly what action to take. This helps ensure your request is routed to the right department and processed correctly.
To generate your document packet:
From the institution's page in your dashboard, click "Prepare Documents"
Review the packet to ensure all information is accurate
Download or send directly from Sunset
Having this packet ready before you contact the institution helps you present a complete, professional request from the start—which can significantly reduce back-and-forth delays.
Step 4: Notify the Financial Institution
Once your document packet is ready, it's time to contact the financial institution to formally request account closure.
How to notify the institution:
Sunset provides you with the best available contact information for each institution, which may include:
Email address – Often the fastest method for initial contact
Phone number – Useful for confirming receipt or asking questions
Fax number – Many institutions still accept (and prefer) fax for sensitive documents
Mailing address – For institutions that require physical mail
Online contact forms – Some institutions have dedicated portals
Branch locations – If you prefer in-person communication
Scheduling tools – Some institutions offer appointment scheduling, which Sunset will display if available
Our recommendation: We generally recommend starting with the contact method most likely to create a paper trail—email or fax—so you have documentation of when you submitted your request.
Sending via fax from Sunset:
If the institution accepts fax, Sunset makes this simple. Your cover letter is already formatted for fax transmission. With a single click in the app, you can send your complete document packet directly to the institution's fax number. No need for a physical fax machine or third-party service.
What to include in your notification:
Your complete document packet (death certificate, probate authority, your ID, and cover sheet)
A clear request to close the account
Instructions to mail any checks to Sunset's address:
Sunset
310 South Main Street, Suite 1125
Salt Lake City, UT 84101
Step 5: Wait for the Institution's Response
After you submit your notification and document packet, the financial institution will review everything. This review period can take anywhere from a few days to several weeks, depending on the institution and the complexity of the account.
What typically happens during this time:
The institution verifies the death certificate
They confirm your legal authority over the estate
They review the account for any beneficiary designations, holds, or special requirements
They determine what additional information (if any) they need
Timeline expectations:
Simple bank accounts: 1–3 weeks
Retirement accounts: 2–6 weeks (more complex due to tax implications)
Life insurance policies: 2–8 weeks (varies significantly by carrier)
Investment accounts: 2–4 weeks
Some institutions are faster than others. Large national banks often have streamlined processes, while smaller institutions or complex account types may take longer. Sunset helps speed up this process by ensuring you deliver all required documents from the start, reducing the likelihood of delays due to missing information.
Step 6: Respond to Additional Requests
It's common for financial institutions to request additional information or send forms that need to be completed before they can release funds. These requests may come directly to you or to Sunset.
If the institution sends documents to Sunset:
We scan the documents and upload them to your dashboard
You'll receive an email notification that a document is waiting for your review
Log in to your Sunset account to view the document and take action
If the institution sends documents directly to you:
Log in to Sunset and upload the document
This keeps everything organized in one place
Sunset can help you fill out the form and send your response when you're ready
How Sunset helps with form filling:
Sunset can pre-fill PDF forms using the information you've already provided and the research we've conducted on your behalf. This saves you time and reduces the chance of errors.
Forms are pre-populated with accurate information
You review everything before sending or signing
You can edit any pre-filled content as needed
Nothing is sent until you approve it
If signatures are required:
Sunset is integrated with DocuSign, so you can:
Request electronic signatures easily
Arrange for notarization if the institution requires it
Complete the signing process without printing, scanning, or mailing
After you've completed the form:
Use Sunset to send your response back to the institution via your preferred method (fax, email, or mail). We'll keep a copy in your dashboard for your records.
Step 7: Receive Your Funds
Once the institution approves your closure request, they'll release the funds. How you receive those funds depends on the type of account.
Bank Accounts and Life Insurance
Most banks and life insurance companies will mail a paper check. Your cover sheet instructs them to mail checks to Sunset's address:
Sunset
310 South Main Street, Suite 1125
Salt Lake City, UT 84101
When checks arrive at Sunset:
We deposit the check into your estate bank account
Funds appear in your account, clearly labeled with the source institution
You receive notification that the deposit has been made
If a check is mailed directly to you:
Log in to Sunset
Upload an image of the front and back of the check
We'll process a mobile deposit into your estate bank account
There is no dollar limit on mobile check deposits
All deposits are FDIC insured up to $3 million
Retirement Accounts and Investment Accounts
Retirement funds (401(k)s, IRAs, pensions) and brokerage accounts often work differently. Instead of simply mailing a check, these institutions may require a rollover to transfer the assets.
What this typically means:
The institution may ask you to open an account with them (such as an inherited IRA or estate brokerage account)
Assets are then rolled into that new account
You, as the executor or administrator, can then decide when and how to close out investment positions
Why this is common:
Rollovers allow the estate to maintain control over the timing of liquidating investments. This can be important for:
Tax planning purposes
Avoiding forced sales during unfavorable market conditions
Managing the distribution of specific assets to beneficiaries
Our recommendation:
Open the required account at the institution if necessary
Complete the rollover as instructed
Once assets are in the rollover account, wire the funds to your FDIC-insured estate bank account through Sunset
This approach consolidates all estate funds in one secure, insured location, making it easier to:
Track and itemize all estate money
Pay debts and expenses
Distribute to heirs using Sunset's tools
Sunset can help you fill out and send any forms required for the rollover process. Just upload the institution's forms to your dashboard, and we'll assist with completion and submission.
Step 8: Track Your Progress
One of Sunset's most valuable features is transparent status tracking for every account and asset.
How to check status:
Log in to your Sunset account at hellosunset.com
View your list of accounts
Click on any specific institution
See detailed status information for that account
Status indicators you might see:
Getting Started:
"Ready to Begin" – You haven't started the closure process yet
"Documents Prepared" – Your packet is ready to send
Notification Phase:
"Institution Notified" – You've sent your initial notification
"Awaiting Response" – Waiting for the institution to reply
Forms and Documentation:
"Form Received" – The institution sent a form that needs your attention
"Form Completed" – You've filled out and submitted the requested form
"Additional Information Sent" – You've responded to a follow-up request
Fund Transfer:
"Closure Approved" – Institution has approved the account closure
"Check Mailed" – Funds are on the way
"Funds Deposited" – Money has arrived in your estate bank account
"Rollover in Progress" – For retirement/investment accounts requiring rollover
Each status update includes:
Date of the status change
What it means
What action you can take next
Any documents associated with that step
Setting Up Your Estate Bank Account
Before you begin closing accounts and receiving funds, you'll need an estate bank account—a dedicated account to receive, hold, and eventually distribute the estate's money.
Sunset can help you set this up:
Generate an Estate EIN – Sunset is an approved IRS partner and can generate an Employer Identification Number (EIN) for the estate through the IRS API. This EIN is required to open a bank account in the estate's name.
Open an FDIC-Insured Estate Bank Account – Through Sunset, you can open a bank account specifically for the estate. This account is FDIC insured up to $3 million.
Why use a dedicated estate bank account:
Consolidation – All estate funds flow into one place, making tracking simple
Clear accounting – Every deposit is labeled with its source, so you know exactly where money came from
Separation – Estate funds stay separate from your personal finances
Protection – FDIC insurance provides security for the estate's assets
Distribution – When it's time to distribute to heirs, everything is organized and documented
What Paperwork Looks Like
To give you a sense of what you'll encounter, here are examples of typical documentation requirements:
Example 1: Simple Bank Account Closure
For a checking account at a major bank:
Cover sheet with instructions (1 page)
Certified death certificate
Letters testamentary or letters of administration
Copy of your government-issued ID
Account closure request form (if required by the institution, typically 1–2 pages)
Sunset prepares your packet with the cover sheet and organizes your documents. If the bank sends an additional form, we help you fill it out and send it back.
Example 2: Retirement Account Distribution
For a 401(k) at an employer's plan administrator:
Beneficiary claim form (3–5 pages)
Distribution election form (2–3 pages)
Tax withholding election (1–2 pages)
Rollover authorization (if rolling to an estate IRA, 2–4 pages)
Medallion signature guarantee (if required, obtained in person at a bank)
Sunset pre-fills these forms with your information. If a medallion signature guarantee is required, we provide instructions on how to obtain one. You review and sign using DocuSign, then we help you submit the complete package.
Example 3: Life Insurance Claim
For a term life policy:
Claim form (4–8 pages with detailed questions)
Claimant statement (2–3 pages)
Death certificate
Proof of authority (letters testamentary)
Direct deposit or check mailing instructions
Sunset completes the claimant portions, you review for accuracy, sign electronically, and we help you submit to the carrier.
Common Situations and How to Handle Them
Institution Claims They Didn't Receive Documents
What happens: You submit everything, but the institution says they didn't receive it.
How to handle it:
If you sent via Sunset's fax feature, you'll have a transmission confirmation
Resend the documents with a note referencing your original submission date
Use Sunset to track when documents were sent and to whom
Additional Forms Required Mid-Process
What happens: The institution requests forms that weren't mentioned initially.
How to handle it:
Upload the new forms to Sunset
We'll help you fill them out quickly
Submit your response and continue tracking progress
Beneficiary Designations Are Discovered
What happens: The account has a beneficiary designation that affects who receives the funds.
How to handle it:
Beneficiary designations typically override the will
The designated beneficiary may need to file their own claim
Sunset can help you understand what this means for the estate
If the beneficiary is also using Sunset, coordination is simple
Medallion Signature Guarantee Required
What happens: Some institutions require a medallion signature guarantee—a special certification more stringent than notarization.
How to handle it:
Visit a bank or credit union that participates in a medallion program
Bring the forms that need the guarantee
Once obtained, upload to Sunset and we'll help you submit
Institution Is Slow to Respond
What happens: Weeks pass without a response.
How to handle it:
Use the contact information in Sunset to follow up directly
Reference your original submission date and tracking information
Ask for a status update and estimated timeline
Document the conversation in Sunset for your records
Multiple Accounts at the Same Institution
If Sunset discovers multiple accounts at the same institution (for example, a checking account and a savings account at the same bank):
Each account appears separately in your dashboard
You can address all accounts simultaneously or one at a time
Your document packet can reference all accounts at that institution
Track progress for each account individually
Example: You discover three accounts at Fidelity—a 401(k), a rollover IRA, and a Roth IRA. You can send one notification covering all three accounts, then track the closure and distribution of each separately based on their individual requirements.
Timeline Expectations by Account Type
Different account types typically take different amounts of time to close:
Bank Accounts (Checking, Savings, CDs)
Document preparation: Same day with Sunset
Institution processing: 1–3 weeks
Total time: 2–4 weeks typically
Faster closures: Simple accounts with clear sole ownership
Slower closures: Accounts with co-owners, beneficiaries, or complex titling
Retirement Accounts (401(k), IRA, Pension)
Document preparation: Same day with Sunset
Institution processing: 2–6 weeks
Total time: 3–7 weeks typically
Retirement accounts take longer because:
Tax implications require careful documentation
Beneficiary rules are complex
Multiple forms are often required
Rollovers add additional steps
Life Insurance Policies
Document preparation: Same day with Sunset
Institution processing: 2–8 weeks (highly variable)
Total time: 3–9 weeks typically
Life insurance varies widely because:
Carriers have different processing speeds
Some require additional verification
Claim forms can be detailed
Newer policies may have investigation periods
Investment Accounts (Brokerage, Mutual Funds)
Document preparation: Same day with Sunset
Institution processing: 2–4 weeks
Total time: 3–5 weeks typically
Investment accounts may require:
Rollover to an estate account
Liquidation of holdings
Transfer of cash proceeds
Communicating with You Throughout
Sunset keeps you informed at every stage:
Email notifications for:
Document packet ready for review
New forms received from an institution
Status changes on any account
Checks received at Sunset
Funds deposited to your estate account
Action needed from you
Dashboard updates:
Log in anytime to see the current status of every account you're working on. Each account shows its history, current status, and next steps.
Questions?
Email [email protected] with:
The deceased's name
Which institution or account you're asking about
Your specific question
We're here to help you understand the process and use Sunset's tools effectively.
Your Role in the Process
Sunset provides the tools, documents, and guidance—you're in control of the process and the pace.
What you do:
Select which institutions you're ready to address
Review and approve document packets before sending
Send notifications to institutions using Sunset's contact info and tools
Review and sign forms before submission
Upload any documents you receive directly from institutions
Follow up with institutions as needed
Deposit checks that arrive at your address
What Sunset provides:
Complete document packets with professional cover sheets
Best available contact information for each institution
One-click fax sending
Form pre-filling with your information
DocuSign integration for signatures and notarization
Status tracking for every account
Mobile check deposit
Estate EIN generation
FDIC-insured estate bank account
Distribution tools for heirs
After Closures Complete
Once all desired accounts are closed and funds transferred:
What you'll have:
All estate funds consolidated in your estate bank account
Complete documentation of every closure in your Sunset dashboard
Clear record of amounts received from each source
Ability to pay estate expenses from the estate account
Tools to distribute to heirs when appropriate
Next steps typically include:
Paying any outstanding debts or expenses from the estate account
Finalizing estate accounting
Distributing to beneficiaries per the will or intestacy law
Closing the estate bank account once distribution is complete
Sunset's distribution tools help you manage payments to heirs, keeping everything documented and organized.
Common Questions About Account Closure
"How long does the whole process take?"
Most straightforward closures complete in 4–8 weeks from initial notification to funds in your estate account. Complex accounts, multiple accounts, or unresponsive institutions can take 2–4 months. Sunset provides timeline estimates for each institution based on typical processing times.
"Can I close accounts myself without using Sunset's tools?"
Yes, you can handle closures entirely on your own if you prefer. However, most families find Sunset's document preparation, form filling, and tracking tools invaluable given the complexity of coordinating multiple institutions.
"What if I only want to close some accounts, not all?"
That's completely fine. Address the accounts you're ready to close, and leave others for later. You work at your own pace.
"Do I have to use the estate bank account?"
Using the Sunset estate bank account keeps everything consolidated and makes tracking and distribution much simpler. If checks are mailed to Sunset's address, they'll be deposited into this account. You can also deposit checks mailed to you via mobile deposit.
"What does this cost?"
Sunset is 100% free to use. There are no fees for document preparation, form filling, fax sending, status tracking, or any other features.
"Can Sunset help with accounts I knew about, not just ones discovered through search?"
Absolutely. You can add any accounts to your Sunset dashboard and use all the same tools for closure assistance.
"What if an institution won't accept documents sent through Sunset?"
Rare, but if it happens, you can download your document packet and submit it through whatever method the institution requires. All the same documents are available to you.
"What if I don't have letters testamentary yet?"
Sunset can help you prepare probate documents to establish your authority. Once you have your court documents, you can proceed with closures.
"What if I started the process before using Sunset?"
No problem. Tell Sunset where you are in the process, and we'll help you with the remaining steps—tracking, form filling, sending responses, and receiving funds.
Need Help?
If you have questions about the closure process, need help understanding a form you received, or want guidance on next steps:
Email: [email protected]
Include:
The deceased's name
Which institution or account you're asking about
Your specific question
Or log in to your Sunset account at hellosunset.com to check real-time status on all accounts and access your documents.
We're here to make the complex process of closing accounts and transferring funds as manageable as possible during an already difficult time. You're not alone in this—Sunset gives you the tools and support to handle everything at your own pace.