Author Topic: TOD Beneficiary transfer time  (Read 1367 times)

MattyP

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TOD Beneficiary transfer time
« on: February 15, 2024, 04:21:44 PM »
Just curious if anyone knows how long a TOD should take for an IRA and Brokerage? My mother had an account at Morgan Stanley and they received the death certificate and I signed papers on January 16th.  It has now been about a month and they tell me they are still working on it.  Is a month unreasonable to expect the assets to move into my account.  The beneficiaries are my sister and myself so maybe 2 people makes it more complicated.

secondcor521

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Re: TOD Beneficiary transfer time
« Reply #1 on: February 15, 2024, 04:32:37 PM »
Condolences on your loss.

That's on the slow side from what I've read.

It's my understanding, though, that usually inherited accounts are opened at the broker (MS in your case), then the assets are transferred into those inherited accounts.  Then if you want to transfer your inherited account to another broker you can do so at that point.

Were I in your shoes, I would first verify that they have everything they need (they'll need your SSN, name, birthdate, KYC stuff probably, and same for your sibling).  After that, if they don't have it done in a week, I'd start asking why and escalating.  I've heard that informing them you're going to contact the federal CFPB might expedite things.  There also might be an office of the MS president which receives escalations.

You should ask them to make sure the brokerage account has the basis stepped up to your Mom's date of death.  You'll also need to know if your Mom took her year of death RMD if applicable.

MattyP

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Re: TOD Beneficiary transfer time
« Reply #2 on: February 16, 2024, 08:13:49 AM »
They had an account set up for me the next day after I submitted all paperwork.  I have the account setup and ready to go just waiting for the funds to arrive.  I really want to just roll all the funds out of there but I suspect they are just trying to milk some more money.  Last I heard, they said it was with legal.  I assume that is just the fall back excuse.  I can look into escalation and see if that does something. It really does seem like a pretty straight forward transaction in my eyes.

Sandi_k

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Re: TOD Beneficiary transfer time
« Reply #3 on: February 16, 2024, 09:52:42 AM »
Call back, and mention filing a FINRA complaint over the delays of getting YOUR MONEY into YOUR ACCOUNT.

 

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