Letter liquidating account
You should also take time to get to know your broker and firm: use FINRA Broker Check to check out the background of an investment professional and firm.
Find out how the account is managed: ask about the firm's compensation fee structure and how buy and sell decisions are made.
It's also important to understand the investments in the account.
If you aren't sure what an investment is, or what role it plays in the overall financial plan, ask your broker.
While specific procedures vary, brokerage firms tend to follow a fairly similar process of transitioning account assets to an account holder's heirs and beneficiaries.
Once a firm has been notified of the death of an account holder, which should be done in a timely manner, here are some things you can expect.
Besides this, the following details of the LC are picked up and displayed: If the component currency and the currency of the account to be debited for the liquidated amount are different, you can indicate the exchange rate to be used in the conversion.
By default, the exchange rate specified for the product under which the LC is processed, will be displayed.
When it comes to the death of a brokerage account holder, many firms have trained staff and resources to help the living address estate matters such as how account assets will pass to heirs and beneficiaries.
You are not required to stay with the deceased person's firm or the broker who handled the account—and you should not be pressured to do so.
That said, don't feel compelled to transfer your account to another firm, and don't transfer assets or buy new ones without doing your due diligence about the firm, investment professional and investments.
In particular, learn about the risks of each investment, if there are any restrictions on when you can sell the investment (liquidity risk) and any fees or other costs associated with the investment.
Investigate the pros and cons of selling investments.