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Reply to "If brokerage account didn't have a beneficiary listed"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Have you asked about setting up a "Transfer on Death"? I'm actually not aware of regular brokerage accounts having a beneficiary listed, unless they are retirement accounts. [/quote] By default, brokerage non retirement accounts, do not require you to list a beneficiary. However if you ask for the forms or look online, they are usually available. It sounds like the end result would be same without one, but the executor has to file more paperwork. However would the account just transfer as is or would the bank sell all the assets (and therefore gains be taxed)? [/quote] In my experience, have a TOD set up just makes the process a bit faster and easier. You provide them with the death certificate and they transfer the assets. It takes a bit longer to get the letter from the court for the executor to request the distribution. Not much more effort, but definately a bit more time. [/quote]
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