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Michigan Education Trust
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What if a Purchaser dies?
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Answer:
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If a purchaser of a lump sum contract dies the executor of the estate should submit a copy of the death certificate, last will and testament and a letter of authority from Probate Court. If a purchaser dies without a will, the executor should contact the MET office.
The executor of the estate can add an appointee to the contract and change the refund designee, if necessary. However, if the beneficiary is the refund designee, a change is not allowed.
If a purchaser of a monthly purchase contract in payment status dies, the total monthly purchases received remain with MET until the beneficiary is 18 years old or graduates from high school. The estate may pay the contract
in full or another person may purchase another contract for the unpaid balance of benefits.
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