Death is unavoidable in life—and in financial planning. When a brokerage account holder dies, many firms have trained staff and resources to assist the living with estate matters such as how account assets will be distributed to heirs and beneficiaries.
While specific procedures differ, brokerage firms generally follow a fairly consistent process for transferring account assets to an account holder's heirs and beneficiaries. Here are some things to expect after notifying a firm of an account holder's death, which should be done promptly. The commission shall take custody of each trust account and may appoint a successor trustee to safeguard and distribute the account's proceeds.
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