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No. of Recommendations: 3
My last email I received from Chase implied they would not help them at all even if they had a death certificate.

Death certificate works for any account such as TOD, IRA, 401K, etc... or a trust.

Setting up an automatic minimum payment and enabling margin on the account will give your heirs time to establish an executor/administrator which requires a court order. The time required varies. Locally, in normal times it takes 3 to 4 months but because of COVID probate court was shutdown for a number of weeks. Also, probate court doesn't consider paying bills an emergency.

If you don't have a will, it is time to make one and consider a trust. DIY estate planning is bad. The best statement I have heard is that no will is better than a bad will.

Does anyone in your family have access to your home? A friend passed away from a heart attack unexpectedly. He had no keys. He was using his cell phone to start his car and an electronic lock on his home. His family wasn't local. It took multiple months for his family to gain access to his home.

My sister passed away unexpectedly. Fortunately, I had keys to her house because she had pets. Also, I found her password list and had access to her phone. It allowed me to setup auto pay for her utilities until I had legal authority to manage her estate.
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No. of Recommendations: 5
Does Chase freeze a brokerage account with them if you don't pay your credit card

Not sure if they can freeze your account, but they can take your money. Banks have what's called a right of offset, where they can take money from your deposit (checking/savings) accounts to pay for credit cards. They generally have to get a court order to do this, so it may take a few months. But it is possible.

I would strongly suggest that you consider selling assets from your brokerage accounts, rather than defaulting on your credit cards.

AJ
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No. of Recommendations: 5
And, BTW - Chase knows you have enough assets to pay the credit cards, and they know where the assets are. Even if you transfer the account to a different broker, they will know where the assets went. So they will have few, if any, problems in suing you and seizing assets if you default on your cards.

Just sell some assets from your brokerage account and pay the cards.

AJ
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No. of Recommendations: 0
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.
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No. of Recommendations: 7
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.

AJ
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No. of Recommendations: 2
I would also suggest that if you do not feel anyone who might inherit your investments in case of your untimely passing, you might want to consider leaving a trust managed by a fee-only fiduciary-obligated wealth manager who would be able to manage and grow your assets on behalf of your beneficiaries. I would talk with an inheritance planning lawyer or wealth management specialist to learn how.

Fuskie
Whose DF did this with his retirement portfolio as DM is not interested in actively or even passively investing in the market and prefers to let the wealth manager, with whom she's developed a trusting relationship, navigate the markets while she focuses on her household finances, working with the wealth manager to plan for and take the necessary distributions to meet living expenses and RMD requirements...

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No. of Recommendations: 2
This is a real problem for many of us. My wife and I recently inherited a little from her mother's estate, and it had been poorly managed by some supposedly good investment advisors. Her late husband's O G & E stock was the best investment they had because she wouldn't let them sell it.

I try to invest in things that should be good investments for years to come, but changes may need to be made over the years. Blue Chips like the A T & T (T) stock I inherited from my Grandfather's long term purchases he made 60 years ago are hard to find now, and probably can't be trusted to last the next 60 years.

First is to have a will and a good executor (or executrix) to do what you want done. If you already have funds either already managed or ready to be managed by some one or some organization you can trust to invest for your direction for maximum long term benefit.

Setting up a Trust or fund that is managed and will continue to be managed like you direct is a good move. Motley Fool methods are the best I have found, but I don't know who manages funds by their principles. There are many Index funds that might be potential candidates for part of a safe portfolio for the long term. I do not own any ETFs, as I Foolishly think I can do better. If you can set the trust up while you are here to direct them to administer it according to your wishes and set up some longer term guiding principles, that might help.

I have not finished solving this problem for myself, so I'll be looking at further advice here, also.

Do not be inordinately afraid of COVID, because fear causes stress which is really not good for us.

God Bless you and yours, and have a great life!

RichardRLJ
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No. of Recommendations: 3
My last email I received from Chase implied they would not help them at all even if they had a death certificate.

Death certificate works for any account such as TOD, IRA, 401K, etc... or a trust.

Setting up an automatic minimum payment and enabling margin on the account will give your heirs time to establish an executor/administrator which requires a court order. The time required varies. Locally, in normal times it takes 3 to 4 months but because of COVID probate court was shutdown for a number of weeks. Also, probate court doesn't consider paying bills an emergency.

If you don't have a will, it is time to make one and consider a trust. DIY estate planning is bad. The best statement I have heard is that no will is better than a bad will.

Does anyone in your family have access to your home? A friend passed away from a heart attack unexpectedly. He had no keys. He was using his cell phone to start his car and an electronic lock on his home. His family wasn't local. It took multiple months for his family to gain access to his home.

My sister passed away unexpectedly. Fortunately, I had keys to her house because she had pets. Also, I found her password list and had access to her phone. It allowed me to setup auto pay for her utilities until I had legal authority to manage her estate.
Print the post Back To Top