Life Events: Transferring Individual Accounts to New Owners
Upon the death of an individual nonretirement account owner, assets of an account with a beneficiary on file will go to the Transfer on Death (TOD) beneficiary. If there is no beneficiary, the assets will go to the decedent’s estate.
1. Transferring an individual account without a named beneficiary
If there is no valid TOD beneficiary on file, the account assets transfer to the decedent’s estate.
Probated estate — forms and documents you will need to provide:
- Certified Letters of Testamentary or Letters of Administration, dated within 180 days of receipt at our office
- Change of Registration for Nonretirement Assets Due to Death (PDF)
- New Account Application — Individuals (PDF), if opening an individual account
- New Account Application — Estates (PDF)
- IRS Form W-9 (PDF), if opening an individual account
- Inheritance tax waiver, if applicable
- Nonretirement Account Redemption (PDF), if applicable
Nonprobated estate — forms and documents you will need to provide:
- Notarized small-estate affidavit
- Change of Registration for Nonretirement Assets Due to Death (PDF)
- New Account Application — Individuals (PDF), if opening an individual account
- Inheritance tax waiver, if applicable
- Nonretirement Account Redemption (PDF), if applicable
Helpful tip: If you plan to contact us, please have the deceased account owner’s full name, address, Social Security number, and date of death.
Frequently asked questions:
What if the beneficiary is also deceased?
If the beneficiary is deceased, a photocopy of the death certificate for the beneficiary will need to be provided.
If the beneficiary passed away prior to the account owner, the assets will then go to any remaining primary beneficiaries. If there are no additional primary beneficiaries, the assets will then go to any secondary beneficiaries. If there are no secondary beneficiaries, the assets will then go to the account owner’s estate.
If the beneficiary passed away after the account owner, the assets will then go to the estate for the account owner.
If there are multiple beneficiaries, must they claim the assets at the same time?
No. If there are multiple beneficiaries, each beneficiary may complete their paperwork separately and they do not need to submit all forms together.
2. Transferring an individual account with a Transfer on Death beneficiary
For individual accounts with a valid Transfer on Death beneficiary, the assets transfer directly to the beneficiary.
Forms and documents you will need to provide:
- Photocopy of death certificate
- Change of Registration for Nonretirement Assets Due to Death (PDF)
- New Account Application — Individuals (PDF)
- Inheritance tax waiver, if applicable
- Nonretirement Account Redemption (PDF), if applicable
