Merrill Life Services: Navigating the Loss of a Loved One

Question 1

What initial documents will be needed?

Accepted Answer

Initial documents depend on account type - Initial documents required will depend on account type, platform, and other factors please refer to table below
We'll always need copy of death certificate, please contact us for other documents that may be required + instructions on how to send
We will always require a copy of the account holder's death certificate but please refer to table below for general guidelines on required documents or give us a call for other documents that may be required based on your specific scenario

Question 2

How do I contact Merrill regarding a status update?

Accepted Answer

If you have questions regarding a status update on the transition of your loved one's accounts, please contact one of our Life Services Transition Specialists for assistance.

Question 3

How can I return documents to Merrill Life Services?

Accepted Answer

To return documents to Merrill Life Services, you can send documents back to us via:

Fax � fax documents to (917) 778-0797 and include your reference number

Mail � 745 W New Circle Road Lexington, KY 40511

Call our team at (855) 450-9015 Monday � Friday 8am � 8pm ET to receive a secure email link to return documents back to us safely.

Question 4

What happens a?er I notify Merrill of the loss of a loved one?

Accepted Answer

Once you've notified Merrill of the loss of a loved one, we will be keeping an eye out for the required initial documents to be returned. Once initial documents have been returned, any and all authorized parties will speak with one of our Life Services Transition Specialist to review all accounts, financial goals of all beneficiaries/heirs and propose a suitable solution for transfer of the inheritance. At that point, a Transition Specialist will also assist with opening any new accounts, if required. Once new accounts are opened, our Transition Specialist will assist with pre-filling and sending all required final documentation for you to complete and/or calling you to receive your verbal authorization for transfer via phone, when applicable.

Question 5

What is the difference between a Beneficiary, a Fiduciary, Executor, and an Administrator?

Accepted Answer

A beneficiary is the person who receives the assets of an estate after all debts are satisfied or who is designated as such via terms/agreements.
A fiduciary is a person who has been entrusted with the responsibility to manage the assets or rights of another person. A fiduciary may also be referred to as a guardian, conservator, executor, administrator, trustee, representative payee, custodian, or an attorney-in-fact (agent).
An executor or executrix is the person or corporation appointed by a will to settle the estate of a deceased person and approved by the court to serve as such.
An administrator is the person or corporation appointed by a court to settle the estate of a deceased person if no valid will can be found or if there is a will and the named fiduciary does not serve.

Question 6

How are accounts transferred a?er an account owner dies and how long will it take for funds to be released?

Accepted Answer

This varies based on the type of account. Your Transition Specialist will guide you through the process from start to finish. As the specifics of each account are different, the time it takes to settle an account will vary. In general, we begin processing a request as soon as we receive the necessary documents. Once you've notified Merrill of the loss of a loved one, we will be keeping an eye out for the required initial documents to be returned. Once initial documents have been returned, any and all authorized parties will speak with one of our Life Services Transition Specialist to review all accounts, financial goals of all beneficiaries/heirs and propose a suitable solution for transfer of the inheritance. At that point, the Transition Specialist will also assist with opening any new accounts, if required. Once new accounts are opened, our transition specialists will assist with pre-filling and sending all required final documentation for you to complete and/or calling you to receive your verbal authorization for transfer via phone, when applicable.

Question 7

What happens to POA when a loved one dies?

Accepted Answer

Many people believe that a Power of Attorney will continue to have authority following the death of a loved one, but this is not the case. A Power of Attorney is no longer valid upon the death of the person. A Power of Attorney is a document that grants another person permission to act on their behalf, during life, thus when an individual passes away, the Power of Attorney is null and void. The Power of Attorney will no longer have access to the deceased's assets or have access to their accounts online.

Question 8

If my assets stay at Merrill in my name � will you automatically step up the basis on my holdings?

Accepted Answer

Merrill will update cost basis at the request of the account holder, once the holdings have fully transferred under new Social or Tax Identification Number.

Question 9

What is probate and how do I obtain an EIN number for the estate?

Accepted Answer

Probate is the judicial process whereby a will is 'proved' in a court and accepted as a valid document. There are many factors that play a role in answering this question. Your attorney will be able to advise whether formal probate is required and if there are any alternatives for informal probate to occur. It's easy to apply for an EIN tax identification number online by visiting http://www.IRS.gov.

Question 10

Which states require a tax waiver?

Accepted Answer

New Jersey (NJ) state requirements: New Jersey's transfer inheritance tax is a lien on the assets of a decedent for 15 years after a decedent's death, after which no waiver is required for the transfer of a decedent's property. In General: The New Jersey inheritance and estate tax statutes provide that property which belongs to or stands in the name of a resident decedent may not be transferred without written consent of the Director of the Division of Taxation. The taxes remain a lien until paid on all the property of a decedent. In those situations where an account passes to Class A transferees, Form L-8 may generally be used. Form L-8 is an affidavit and self-executing tax waiver which is filed directly with the brokerage firm. An L-8 may not be used where the beneficiary of the resident decedent's assets is a trust regardless if all beneficiaries of such trust are Class A beneficiaries. A waiver is required for all types of accounts in the name of a decedent, including: (1) account in sole name, (2) jointly held account, (3) tenancy-in-common account, (4) TOD account; (5) IRA or other retirement account.
Pennsylvania Tax Waiver Instructions: A tax waiver is required when assets are being transferred to TOD beneficiaries. NOTE: Tax Waivers are not required if the named TOD Beneficiary is the surviving spouse of the Decedent.
Rhode Island Tax Waiver Instructions: If the resident decedent holds securities issued by corporations incorporated in RI, a tax waiver is required for all types of accounts in the name of a decedent, including: (1) account in sole name, (2) jointly held account, (3) tenancy-in-common account, (4) TOD account; (5) IRA or other retirement account. NOTE: Tax Waivers are not needed when transferring to a surviving Tenant under JTWROS if the account value is less than $1,000.

Question 11

I am the Authorized Party � can you tell me about the account, holdings, balances, dividends, distributions YTD? Who can give instructions on buy/sell while the account is being settled � between time of death and beneficiary distribution?

Accepted Answer

Once Merrill establishes a valid authority via addition documents, we will release account specific information. Authority includes, but is not limited to: Joint Account Holder, Beneficiary in an IRA, Transfer on Death Beneficiary, Executor/Administrator, Trustee, Custodian, Participant. Most Buy/Sell action can be taken once valid Authority is granted but may be limited under certain account scenarios.

Question 12

What is a spousal rollover?

Accepted Answer

A Spousal Rollover is the movement of cash and/or securities from a decedent's retirement account to the IRA of the surviving spouse. This is one of the options that a spousal beneficiary has when a retirement account owner dies. It is Merrill Lynch policy that the deceased retirement account be depleted by the end of the year following the retirement account owner's death. In order to qualify for a spousal rollover, the spousal beneficiary must be legally married. Other labels, such as domestic partner, civil union, and/or co habitation are NOT considered legally married.
In the event no beneficiary was designated after the death of an account owner, the IRA will typically default to a surviving spouse. If there is no surviving spouse, the account will then default to the account owner's estate.

Question 13

What is the process for removing a joint owner from an account?

Accepted Answer

Depending on the situation, removing a joint owner from an account is fairly easy. In most situations, we will require a death certificate, affidavit of domicile, and a Letter of Authorization to remove the deceased from the account. In the event the primary account owner and secondary account owner are not married, the existing owner may be required to open a new account in order to retain the assets. Please contact us to review your specific scenario and document requirements.

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Merrill Life Services

Financial steps to take after losing a loved one

Documents to prepare before speaking with a Transition Specialist

What You Need:

Depending on Your Situation, We May Also Need:

Required documents by account type

Next steps

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Get in touch with a Transition Specialist

Frequently Asked Questions

What initial documents will be needed?

Individual Account

Joint Accounts (JTWROS or TIC)

IRAs

Trusts

How do I contact Merrill regarding a status update?

How can I return documents to Merrill Life Services?

What happens after I notify Merrill of the loss of a loved one?

What is the difference between a Beneficiary, a Fiduciary, Executor, and an Administrator?

How are accounts transferred after an account owner dies and how long will it take for funds to be released?

What happens to POA when a loved one dies?

If my assets stay at Merrill in my name, will you automatically step up the basis on my holdings?

What is probate and how do I obtain an EIN number for the estate?

Which states require a tax waiver?

I am the Authorized Party — can you tell me about the account, holdings, balances, dividends, distributions Year-to-Date?

What is a spousal rollover?

What is the process for removing a joint owner from an account?

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