how long for a TOD transfer

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cbeck
Posts: 640
Joined: Sun Jun 24, 2012 1:28 am

how long for a TOD transfer

Post by cbeck »

Does anyone have experience with how long the process of transferring a TOD brokerage account or POD bank account takes after the death of the account holder? How about in the case of a US citizen who dies abroad?
123
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Joined: Fri Oct 12, 2012 3:55 pm

Re: how long for a TOD transfer

Post by 123 »

As long as you have a certified copy of a death certificate the process is fast (This assumes that the death certificate raises no issues about the identity of the deceased). I've walked into a megabank and done a TOD transfer in an hour, walking out with a check representing the account proceeds. For a Fidelity brokerage account I walked into a Fidelity office with a copy of the death certificate and completed their paperwork. The assets were transferred into the new account within 24 hours (no equities were involved). There is an advantage to doing things in person since each financial institution is a little different and, if the staff person assisting you is skilled, they want you in and out of the office as quickly as possible. Doing things online and by mail can add some delays as well as being impacted by any backlog delays at their processing center.
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IowaFarmBoy
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Re: how long for a TOD transfer

Post by IowaFarmBoy »

We did several when my M-I-L passed. As 123 said, once we had the death certificates, the process was generally fast and easy. The biggest delay was waiting on the death certificates. They came through the funeral home and I remember them taking a while, like a month or a little longer. I don't know if there would be a way to expedite this or not.
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celia
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Re: how long for a TOD transfer

Post by celia »

It’s a matter of submitting all the paperwork the custodian needs, preferably all at the same time. This includes a death certificate and the beneficiaries’ identity. It will take longer if the assets need to be split up for multiple beneficiaries, if minors or non-citizens are involved or certain situations arise, such as someone having a valid objection, or paperwork is invalid/ incomplete. There can also be legal issues holding it up.
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