Series 26: Transfer On Death

Taken from our Series 26 Online Guide

Transfer on Death

If a client dies, the broker-dealer must cancel all open orders, mark the account “deceased,” and freeze the account. In this context, freezing the account means that no more orders can be taken. All powers of attorney or third party authorization are immediately terminated. This includes trade discretion in discretionary accounts.

The firm may be asked to value the securities within the account. These sh

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