I realize this post is old, and I`m sorry for your loss. I just wanted to say that the reason they open an account for you and your brother is to shift the fortune of your social mothers to inherited IRAs that would be under your social. Once it has moved, you can do whatever you want, including transferring or winding up and taking over a distribution. My mother passed away a few days ago, we`re waiting for the death certificate to liquidate her pension accounts. No part of their stocks will go to the estate, we have taken steps to avoid this before they die. (1) Edward Jones Transfer on Death Agreement. “This agreement is not valid and has no effect in the State of Louisiana” www.edwardjones.com/images/transfer-on-death-agreement.pdf Here are some examples of large investment firms that recognize that the State of Louisiana does not recognize these denominations and explain it in their documents: (5) Charles Schwab Designated Plan Agreement. “The plan is not available in Louisiana.” www.schwab.com/public/file/P-831898/APP10780-16-ADA_-_5_19_2017.pdf She has a number of accounts with Edward Jones. We talked to them today about what we need to do to liquidate their stocks.
My brother and I were told that we had to open accounts at Edward Jones` house to share their funds and get the funds. (2) Merrill Lynch Joint Account Agreement. “JTWROS: Joint Nancynancy with Right of Survivorship.” olui2.fs.ml.com/Publish/Content/application/pdf/GWMOL/Joint_Account_Tenancy_Agreement_-_1277.pdf A related problem concerns Louisiana bank account holders who make a POD (Payable on Death) designation. Louisiana`s banking laws only exempt banks from liability to heirs or estate for the payment of a beneficiary under the name POD. However, if the account holder has different heirs because of a will or trust, the pod beneficiary may be responsible for the funds received. (3) Merrill Lynch TOD agreement. Transfer On Death Accounts is available to account holders (defined below) that are established in all states within the United States (except Louisiana). olui2.fs.ml.com/publish/content/application/pdf/GWMOL/TransferOnDeathAgreement.pdf Many Louisianans are confused because they think they can designate beneficiaries on their non-pension accounts with their investment company – but they can`t. example. Mom and Dad have three accounts in the investment company. Father owns a traditional IRA. Mother has a traditional IRA. And they have a common investment account.
They come to the law firm to discuss how to leave the assets between themselves and their families outside the estate, and they are convinced that they have indicated the beneficiaries in all their investment accounts.