Understanding the Fate of Your Brokerage Account After Your Passing
What happens to the money in your brokerage account if you die
If you have money left invested when you pass away, the people who benefit from it depend on the specifics of your account. Learn more here.
1. Joint Account Ownership
If you have a joint account, the fate of the investment account varies based on the ownership type. Understanding your account setup can help clarify who inherits the funds.
2. Designated Beneficiary
Setting up a transfer-on-death account ensures a smooth transfer of your brokerage account to the beneficiary you choose. Keep your beneficiary designation updated to avoid potential complications.
3. Probate Process
If you don't have a joint account or designated beneficiary, your brokerage account will go through the probate process. Without a will, intestacy laws will determine the rightful inheritors.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.