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Personal Finances / Credit Cards and Consumer Debt


Subject:  Re: Question Date:  7/8/2020  12:56 AM
Author:  aj485 Number:  312874 of 313062

The reason I ask If something were to happen to me and I die because of this virus my dad and my brother do not know how to trade stocks or bonds. My last email I received from Chase implied they would not help them at all even if they had a death certificate.

You need to name a beneficiary on the Chase brokerage account, and leave instructions for your beneficiary. The beneficiary will need to present an official death certificate to Chase in order to take ownership of the account. If your beneficiary doesn't want to hold stocks and bonds, you can instruct them to sell everything. There shouldn't be much of an impact on their taxes, since the assets will get a step up on your death. Then they can do whatever they want with the money.

You should also leave instructions on paying your credit card accounts. The estate will need to do that, since it was a debt that you incurred while you were alive.

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