What to do when a Hightower account holder dies

On a TOD account, the custodian moves the assets into an account in the named beneficiary's name.¹

The custodian retitles the account to the survivor.¹

On a trust-titled account, the assets stay in the trust and the successor trustee takes over control.¹

If Hightower Trust Company, NA is the trustee or successor trustee, it runs the trust, not the Advisor Practice or the custodian. It makes distributions, exercises distribution discretion, tracks principal and income, provides beneficiaries' tax forms and files the trust income tax returns.²

For an IRA, Roth IRA or SEP IRA, the custodian opens an inherited IRA for the designated beneficiary.¹

An individually titled account with no beneficiary goes through probate. Once the executor has Letters, the custodian retitles the account to the estate.¹

The account moves to the beneficiary at the custodian; the advisory agreement was the deceased person's. A beneficiary may stay with the same Hightower practice, move to another, or leave the custodian entirely.¹

Each practice sets its own account minimums, so an inherited share of a portfolio may not meet them.¹

Custody of Hightower client accounts³

Custody of Hightower client accounts³

Custody of Hightower client accounts³

Custody of Hightower client accounts³

Custody of Hightower client accounts³

Custody of Hightower client accounts; reached through the Advisor Practice³

Trusts it serves as trustee or successor trustee, and estates where it acts as agent for the executor^{2, 4}

Retirement plan services¹

Hightower Trust Company takes on the administrative and tax duties an executor delegates to it and, where the executor delegates it, fiduciary responsibility for investing the estate's assets.⁵

Who qualifies: An executor; reached through the Hightower advisor or the trust company's web form.

Hightower's Form ADV Part 2A says it "does not directly hold client funds or securities; all client assets are held by unaffiliated qualified custodians." The custodian freezes the account, accepts the death certificate and releases or retitles the assets.⁶

What the custodian does with each account depends on how it is titled, and Hightower cannot change that.¹

For the deceased person's records rather than the assets, Hightower's privacy policy recognizes an authorized agent acting on a consumer's behalf, reachable at dataprivacyrequest@hightoweradvisors.com or 888-587-2999.⁷

Written requests go to Hightower's Compliance department. Expect to supply identifying documents; the policy limits disclosure requests to twice in any 12-month period.⁷