What to do when a Schwab account holder dies
Report the death to Schwab's Estate Services at 1-877-566-2284
When an account holder at Schwab passes away, the next step depends on how the investment accounts were set up. Accounts with beneficiary designations or trust ownership transfer outside of probate. Accounts titled solely in the deceased's name require the estate's legal representative to work with Schwab's Estate Services (1-877-566-2284) to access and distribute the funds.
Death claim process
Here is the step-by-step death claim process at Schwab:
Filing a claim
- Designated Beneficiary Plan (TOD) accounts: each beneficiary completes a separate Designated Beneficiary Plan Distribution Authorization Form
- IRAs: an individual or minor beneficiary opens an inherited IRA online; a trust uses the Inherited IRA Application for a Trust Beneficiary
- Estates in probate: the executor or administrator opens a Schwab One Estate Account with certified Letters Testamentary or Letters of Administration
- Small estates that do not require probate: send a small-estate affidavit with the documents listed below
- Log in to Schwab.com, open the Message Center, select Upload Document, and choose the account
- Each upload takes up to 5 files or 25 megabytes; attachments take 2 to 4 days to process
- The Schwab One Estate Account Application can be mailed in the envelope provided or brought to the nearest Schwab branch
Required Documents
- Death certificate, to begin the inheritance processA copy; a photo or scan can be uploaded when the death is reported or later.
- Pages from the trust document, if the deceased person was associated with a trust accountThey can be uploaded after the death certificate is submitted.
- Designated Beneficiary Plan Distribution Authorization Form, for a Designated Beneficiary Plan (TOD) account, one per beneficiaryAttach a copy of the account holder's death certificate.
- Notarized Affidavit of Domicile, with a Designated Beneficiary Plan Distribution Authorization Form
- Tax waiver, with a Designated Beneficiary Plan Distribution Authorization Form, if required by state law
- Inherited IRA Application for a Trust Beneficiary, for a trust that inherits an IRA, one per beneficiaryWith pages of the trust document and, if assets transfer from the decedent's IRA, a copy of the account holder's death certificate.
- Letters Testamentary or Letters of Administration, to open a Schwab One Estate Account for an estate in probateA copy certified as currently valid by the court clerk within the last 12 months, bearing the clerk's original signature and seal.
- Taxpayer identification number for the estate, to open a Schwab One Estate AccountA new, separate TIN for the estate, obtained from the IRS.
- Small-estate affidavit, for a small estate that does not require probateA special form of affidavit provided by your attorney, with a certified copy of the death certificate, an Affidavit of Domicile, and an inheritance tax waiver if the deceased person's state requires one.
Claims Contact
Website: Online portal →
Forms Schwab issues5
- Schwab Designated Beneficiary Plan Distribution Authorization Form
Completed by each beneficiary of a Designated Beneficiary Plan (TOD) account, or the guardian or custodian of a minor beneficiary. Available to download.1
- Affidavit of Domicile
Available to download. Must be notarized.2
- Inherited IRA application for an individual or minor beneficiary
Completed by an individual beneficiary, or for a beneficiary under 18 the minor application. Completed online.3
- Inherited IRA Application for a Trust Beneficiary
Completed by a trust that inherits an IRA. Available to download.4
- Schwab One Estate Account Application
Completed by the executor, administrator or other personal representative appointed by the court. Available to download.5
What happens to each kind of account2
- Payable-on-death account
A beneficiary who asks for a lump-sum distribution from a Designated Beneficiary Plan (TOD) account first has a new Schwab One account opened in their name; the distribution is processed once the assets are in it.1
- IRA
Schwab first opens an inherited IRA in the beneficiary's name, transfers the beneficiary's portion of the decedent's IRA into it, and processes distributions only after that.4
IRA or Keogh/Qualified Retirement Plan assets can move into a Schwab One Estate Account only if the estate is named as the beneficiary or there is no valid beneficiary designation on file.5
What Schwab's agreement and guidance say6
- Telling the institution
The Designated Beneficiary Plan Agreement makes each beneficiary responsible for notifying Schwab of the death and providing a completed distribution form, a certified copy of the death certificate, and a tax waiver if required by state law.6
Schwab may require proof of a beneficiary's date of birth or relationship to the account holder, and may require more documents, consult counsel or start legal proceedings to decide the distribution, at the account's expense.6
- Disputes between claimants
Schwab has no duty to hold back a transfer because of an adverse claim unless it gets written notice of the claim in time to act before the transfer.6
- How proceeds are paid
Transfers to Designated Beneficiary Plan beneficiaries include interest, earnings and dividends on the account assets that were not paid or credited before the last surviving account holder died.6
- Debts owed to the institution
If the account holder owed Schwab Bank or Schwab Premier Bank on a Pledged Asset Line, Schwab may use the funds in the pledged account to pay that amount before distributing anything to the beneficiaries.6
- Wills, probate and small estates
Schwab will not honor a change of beneficiary made in a will or trust, except as required by a court order delivered to Schwab.6
A Schwab One Estate Account can be opened only while the estate is being probated under court supervision and before a final decree of distribution has been entered.5
- Powers of attorney
An executor or administrator cannot grant a power of attorney or otherwise delegate their powers and duties to a third party unless a court order specifically authorizes it.5
Sources6
- 1.Schwab Designated Beneficiary Plan Distribution Authorization Form, APP10781-13 (08/26)
- 2.Affidavit of Domicile, APP20366-11 (06/26)
- 3.Inherited IRA
- 4.Inherited IRA Application for a Trust Beneficiary, APP92523-12 (06/25)
- 5.Schwab One Estate Account Application, APP10639-42 (06/25)
- 6.Designated Beneficiary Plan Agreement, APP10780-24 (07/26)
Most transfers are completed in a few weeks, depending on the circumstances and how quickly inheritors complete the paperwork.
Schwab's Estate Services can be reached by phone at 1-877-566-2284 for questions throughout the claims process.
Sources
Data sourced from Schwab primary sources (38 pages reviewed). How we research.
Schwab death claims support
Estate Services
Phone
Toll-free
Designated Beneficiary Plan distribution
Hours
Mailing address
Website
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