If you were to die Saving Stream would seek instructions from the executor/administrator of your estate as to what to do with your investments and where to transfer your available balance. According to the instruction Saving Stream will place your investment loan parts for sale on the secondary market, Saving Stream charges a small administration fee for this.
In the event of the death of an active investor Saving Stream will first need to be provided with a certified copy of the death certificate before we can formally acknowledge the death of the investor.
Upon receipt of the death certificate the executor/administrator of the deceased’s estate will be sent a request to provide either a certified copy of a Grant of Representation (i.e. Grant of Probate, Grant of Letters of Administration or Certificate of Confirmation), be sent an Executor/Administrator Instruction Form for completion, and be sent a valuation and breakdown of the account.
Once the completed Instruction Form has been returned to Saving Stream along with a Grant of Representation the instructions will be carried out once any administration charges have been paid.
Any available balance will be transferred to an account specified in the Instruction Form. Funds gained from the sale of loan parts will be transferred to this specified account on the first working day of each month. Money entering the account from the return of capital on the completion of a loan, or money entering the deceased’s account as interest payments will also be transferred to the specified account on the first working day of each month.
Once all available balance has been transferred and all loan parts either sold or repaid the account will be closed.