What to do when a Dimensional account holder dies
Report the death to Dimensional's SS&C GIDS, Inc. at 1-888-576-1167
When an account holder at Dimensional 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 Dimensional's SS&C GIDS, Inc. (1-888-576-1167) to access and distribute the funds.
Death claim process
Here is the step-by-step death claim process at Dimensional:
Filing a claim
- Dimensional ETFs (DFUS, DFAU, DFAI, DFAE, DFMC and the rest) sit in a brokerage account. The brokerage firm runs the estate claim; Dimensional and SS&C GIDS have no record of the shares
- Mutual fund shares bought through a financial advisor are registered with the funds' transfer agent, SS&C GIDS, Inc. Call 1-888-576-1167 and tell the advisor of record
- The advisor normally submits the paperwork, since the funds are sold only to "Eligible Investors"
- Dimensional funds in a 401(k), 403(b), 529 plan, HSA or variable annuity: the plan administrator or plan provider runs the death benefit process. Dimensional is only the investment option
- Sign it in the capacity you hold: executor, successor trustee, surviving joint owner or TOD beneficiary
- The package is this letter with the proof of authority and a medallion stamp, rather than a branded claim form
- That is usually the case in an estate, since the money goes to an estate account, a trust account or a beneficiary
- Get the medallion stamp from a bank or broker. A notary is not a substitute
- Dimensional operates no retail branches; every direct shareholder contact is by phone or mail through the transfer agent
- Do not write to the funds' custodians, State Street Bank and Trust Company or Citibank, N.A. A custodian holds portfolio securities and is not a claims contact
- The documents must be "received in writing by the transfer agent no later than the close of regular trading on the NYSE (normally, 4:00 p.m. ET)" on the redemption date
- "It is the investor or financial intermediary's responsibility to ensure notification is received in good order by the transfer agent prior to the Market Close."
- Payment time is counted from receipt of the written request in good order, not from the date of death
- Certified copy of the death certificate
- Proof of authority: Letters Testamentary or Letters of Administration for an estate, a Certificate of Trust for a successor trustee, or only ID for a TOD beneficiary or surviving joint owner
- Government-issued ID for the person signing
- Medallion Signature Guarantee on the letter of instruction where proceeds go anywhere other than the address or bank of record
- Estate or trust EIN and a completed W-9 for tax reporting on any redemption
Required Documents
- Letter of instructionSigned by all registered owners "or representatives thereof" and in good order. The registration statement requires it for any redemption or re-registration.
- Certified copy of the death certificateSend copies, and expect the transfer agent to keep what it receives.
- Government-issued ID, for the claimant, executor or trustee signing
- Proof of authority, where the transfer agent has no authorized signature on file for youLetters Testamentary or Letters of Administration for an estate, or a Certificate of Trust or the trust agreement for a successor trustee.
- Medallion Signature Guarantee, where redemption proceeds go to a bank account or address other than the one of recordFrom a bank or broker. A notary is not a substitute.
- Estate or trust EIN and a completed Form W-9, for tax reporting on a redemption
- Written wire instructions, if proceeds are to be wiredProceeds go by Federal Reserve wire only to a bank the shareholder "designated in writing". An estate bank account that is not the one on file also needs the medallion stamp.
- U.S. federal transfer certificate from the IRS, if the deceased person was not a U.S. person"For estates with U.S. situs assets of not more than $60,000, the Portfolio may accept, in lieu of a transfer certificate, an affidavit from an appropriate individual."
Claims Contact
Website: Online portal →
What happens to each kind of account5
- Payable-on-death account
With a transfer-on-death registration, the surviving beneficiary is the successor owner. The beneficiary provides the death certificate and government-issued ID; no court paper is needed.1
- Joint account with survivorship
The surviving joint owner presents the death certificate, and the account continues in the survivor's name.1
- Account in one name
For an individual registration with no transfer-on-death beneficiary, the estate representative supplies Letters Testamentary or Letters of Administration as proof of authority.1
- Trust account
The successor trustee supplies the Certificate of Trust or the trust agreement naming them as proof of authority.1
- Investment account
"The redemption of all Institutional Class shares in an account will result in the account being closed. A new Account Registration Form will be required for future investments." A full redemption made before the estate's plan is settled cannot simply be reversed.2
The Fund may involuntarily redeem an account worth $500 or less on at least sixty days' written notice, so a small balance left after a partial distribution can be cashed out on the Fund's schedule.2
What Dimensional's agreement and guidance say2
- How proceeds are paid
Each Portfolio "reserves the right to meet redemption requests through an in-kind redemption, typically in response to a particularly large redemption." The filing flags requests over $250,000 or 1% of a Portfolio's assets, whichever is less; the estate then receives portfolio securities rather than a check.2
- Fees
No fee is charged for redemptions.2
Redemption payments typically within 1 business day, 1 to 2 business days through an intermediary, and up to seven calendar days in certain circumstances.
Dimensional's SS&C GIDS, Inc. can be reached by phone at 1-888-576-1167 for questions throughout the claims process.
Sources
- dimensional.com
- adviserinfo.sec.gov
- data.sec.gov
- dimensional.ssnc.cloud
- reports.adviserinfo.sec.gov
- sec.gov
Data sourced from Dimensional primary sources (20 pages reviewed). How we research.
Dimensional death claims support
SS&C GIDS, Inc. (Transfer Agent)
Phone
Toll-free
Dimensional Austin headquarters (general)
Mailing address
Website
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