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What Will Happen to My Scottrade Account When I Die?
Posted By Ron On February 21, 2011 @ 7:40 AM In Investing,Relationships,Reviews,Wealth | Comments Disabled
One important aspect of personal finance is answering the question: “What happens to my financial assets when I die?” Making those arrangements is simply a part of being a mature adult. Just like you draw up a will  to pass on your superhero Pez collection or your fully restored 1967 candy-apple-red convertible Corvette, you can designate a beneficiary for your Scottrade  account to ensure your assets are handled as you wish when you pass away. They make it incredibly easy for your heirs and it gives me a small level of comfort knowing my wife and children won’t have much to go through to access those assets if and when the time comes.
If you have a certain type of account with Scottrade  such as:
You can complete a Transfer on Death Beneficiary Plan Agreement to designate your Scottrade  account beneficiary or beneficiaries. Alternatively, if you hold an individual retirement account such as an IRA, you can simply update your IRA Beneficiary Form. Designating a beneficiary is a protection mechanism, insuring that your assets go to those you wish.
When a Scottrade customer passes away, it is the responsibility of the customer’s survivors to contact Scottrade and provide a copy of the customer’s death certificate. When the certificate is received, Scottrade will cancel any open orders on the account. If the customer’s beneficiaries have their own Scottrade  accounts, they can move the assets directly into their own accounts using the Transfer on Death Distribution Form (found online). If the beneficiaries aren’t current Scottrade customers, they will need to open a new account before any assets can be transferred.