Liquidating trustee certification

Posted by / 13-Dec-2017 17:25

Upon the death of an account holder, specific procedures vary, but brokerage firms tend to follow a fairly similar process of transitioning accounts to heirs and beneficiaries.

Firms may reject the documents they receive because they are not signed in the appropriate capacity (Executor, Survivor, Trustee), they have been completed incorrectly (for example, by transposing certificate numbers), information on the document has been altered, or because documents are outdated or missing the appropriate court seal.It can be useful, particularly if an account holder’s finances and estate are fairly simple.Caution: A Transfer on Death controls who inherits your assets when you die. For example, if your will states that brokerage assets are to be divided equally between two children, but your TOD designates only one child as the beneficiary—that child alone will receive the assets, and is not obligated to share them.Individual Retirement Accounts Beneficiary designations are frequently used in retirement plans, including Individual Retirement Accounts (IRAs) to determine who is entitled to account assets.As with a TOD, your IRA beneficiary inherits your assets when you die and supersedes a will or trust.

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Also, the way your account is titled typically changes once you make a TOD designation.

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