What to do when a Creative Planning account holder dies
Report the death to Creative Planning at 1-866-909-5148
What happens to Creative Planning investment accounts after the account holder dies depends on how each account was titled. Beneficiary-designated and trust-owned accounts transfer directly. Accounts in the deceased's name alone go through the estate, and the executor or administrator works with Creative Planning (1-866-273-2848) to claim the funds.
Death claim process
Here is the step-by-step death claim process at Creative Planning:
Filing a claim
- If the wealth manager is unknown, call Client Services at 866-909-5148, or 866-427-4015 for an employer retirement plan account
- Give the deceased person's full legal name, the date of death, and your relationship and capacity (named beneficiary, executor or successor trustee)
- The accounts are at Charles Schwab & Company, Inc. or Fidelity Institutional Wealth Services, in a separate account in the deceased person's own registration
- Enclose a cover letter identifying the deceased person, the date of death, the account numbers you know of, and your capacity
- Enclose a certified death certificate
- Mail to Creative Planning starts the process but does not transfer assets; the custodian's forms do that
- Government-issued ID for the beneficiary, executor or successor trustee
- Letters Testamentary or Letters of Administration where there is no TOD, beneficiary designation or trust
- Certificate of trust and successor trustee certification where the account is held in trust
Required Documents
- Certified death certificateThe custodian requires it. Each account registration is processed separately, so more than one copy is usually needed.
- The custodian's estate transfer or date-of-death formsFrom Charles Schwab & Company, Inc. or Fidelity Institutional Wealth Services, returned through the wealth manager.
- Government-issued ID, for the beneficiary, executor or successor trustee
- Letters Testamentary or Letters of Administration, where an account has no TOD registration, no beneficiary designation and no trust title
- Certificate of trust and the custodian's successor trustee certification, where the account is titled to a trust
- Trust EIN, where an irrevocable trust or a post-death trust needs its own taxpayer identification
- Small estate affidavit, where state law allows one for the account in question
- Inherited-IRA application at the same custodian, for a retirement account beneficiary
- Plan documents and the recordkeeper's beneficiary claim form, for an employer retirement plan account
What happens to each kind of account6
- Payable-on-death account
On a TOD or beneficiary-designated taxable account, the named beneficiary supplies identification and an existing or new account at the custodian, and the assets are distributed to it directly, without probate.1
- IRA
The named beneficiary of an IRA or Roth IRA opens an inherited IRA at the same custodian.1
Creative Planning's guidance for a surviving spouse lists rolling the deceased spouse's retirement accounts into the survivor's own as a decision to work through with the wealth manager.2
- Joint account with survivorship
A joint account with right of survivorship passes by the surviving owner's registration change, not by an estate transfer.1
- Trust account
For an account already titled to a trust, the successor trustee certifies their authority to the custodian with a certificate of trust and the custodian's successor-trustee form, and the trust terms then control.1
Where Creative Planning Trust Company is trustee, the assets sit in segregated trust accounts at a third-party custodian identifying it as trustee. It remains the account party and continues administering, so there is no transfer for the family to make.1
- Employer retirement plan
An employer retirement plan account is handled by the plan and its recordkeeper under the plan document, not by Creative Planning.1
- Account in one name
An account with no beneficiary, no TOD and no trust goes through probate. The estate representative supplies Letters Testamentary or Letters of Administration, or a state small estate affidavit where one is available.1
Accounts handled elsewhere4
- Charles Schwab & Company, Inc.
Custodian of Creative Planning client accounts; its estate transfer forms and timetable move the assets3
- Fidelity Institutional Wealth Services
Custodian of Creative Planning client accounts; its estate transfer forms and timetable move the assets3
- Creative Planning Tax, LLC and CP Strategic Advisors, LLC
Final and fiduciary tax returns for the estate1
- Creative Planning Legal, P.A.
Probate and trust legal work for the estate1
Not in Creative Planning's published guidance2
- A claim form
- How long a claim takes
Creative Planning can be reached by phone at 1-866-909-5148 and email at info@creativeplanning.com for questions throughout the claims process.
Sources
Data sourced from Creative Planning primary sources (21 pages reviewed). How we research.
Creative Planning death claims support
Phone
Toll-free
Employer retirement plan accounts
Mailing address
Website
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