7.5.2.2. Death of a Customer
If a customer dies, the representative must cancel all open orders, mark the account “deceased,” and freeze the account.
All powers of attorney or third-party authorization, such as discretionary authority, are immediately terminated upon death. The executor of the customer’s estate typically transfers the assets in the account to an estate account. No changes can be made, however, until the proper legal documents are provided, which may include:
• Letters testamentary (issued by a court to verify the identity of the executor)
• Inheritance tax waivers
• A certified copy of the death certificate
• Affidavit of domicile
The firm may be asked to value the securities within the account. These should be valued at the market value on the date