Janney
Subsidiary of June Purchaser LLC (investment vehicle ultimately controlled by Kohlberg Kravis Roberts & Co. L.P.)
janney.comWhat to do when a Janney account holder dies
Report the death to Janney at 1-800-526-6397
After an account holder at Janney dies, accounts with beneficiary designations or trust ownership transfer to the designated recipients without probate. Solely-owned accounts require the estate's representative to contact Janney at 1-800-526-6397 with the proper legal authority documents.
Death claim process
The death claim process at Janney works as follows:
Filing a claim
- A certified death certificate and government-issued ID for the claimant
- Any federal, state or local inheritance or tax waiver required for the transfer
- For a probate claim: Letters Testamentary or Letters of Administration
- For a trust claim: the trust agreement or Certificate of Trust, and the trust's tax identification number
Required Documents
- Death certificateA certified copy.
- Government-issued ID for the executor, trustee or claimant
- Federal, state or local inheritance or tax waiver, where the deceased person's state requires oneJanney's TOD terms make it a precondition to re-registering the account.
- Letters Testamentary or Letters of Administration, if the estate goes through probate
- Copy of the will or trust document, if applicable
- Trust agreement or Certificate of Trust, and the trust's tax identification number, if assets transfer to a trust
- Custodial or guardianship documentation, if a beneficiary is a minor or an incapacitated adult
- Any further documents Janney requires, such as a Margin Agreement, before Janney distributes anythingJanney's TOD terms reserve the right to require a beneficiary or their legal representative to sign a Margin Agreement.
Forms Janney issues1
- IRA withdrawal request form
Completed by the beneficiary. Sent by the institution on request.1
What happens to each kind of account2
- Payable-on-death account
Janney re-registers TOD-eligible assets into new accounts for each beneficiary once it has the documents it requires. They pass to the estate instead if no beneficiary survives, no contingent or per stirpes beneficiary was named, or every beneficiary disclaims.2
Assets that are not TOD-eligible (annuities, life insurance, precious metals, futures, options, commodities, limited partnership and business interests) go to the estate and are left out of the beneficiaries' percentage split.2
Janney's TOD terms give it no duty to identify, locate or notify beneficiaries.3
- IRA
IRA and other retirement account claims run through the custodian, Janney Trust Co, on the beneficiary designation on file. Every withdrawal request must be in writing on the custodian's form and state the reason and the distribution method requested.1
State requirements Janney statesPennsylvania
- Pennsylvania
For a Pennsylvania resident who has died, Janney's TOD terms say it must notify the Pennsylvania Secretary of Revenue within ten days of a transfer of securities, on Form "REV-516".3
Accounts handled elsewhere1
- Elan Financial Services
Janney credit cards, as issuer; a card balance is settled with Elan, not Janney2
What Janney's agreement and guidance say6
- Telling the institution
Janney's TOD terms treat the death certificate as the "Death Notice". Until Janney has credible information of the death, it has no duty to determine whether the owner is still alive and disclaims liability for losses in the account in the meantime.3
- Debts owed to the institution
A debit balance is settled first. Janney may liquidate TOD account assets at its discretion to satisfy a debit, and to collect unpaid fees, before distributing anything to beneficiaries.2
- How proceeds are paid
If an account cannot be split in kind on the beneficiary percentages, Janney follows the unanimous written instruction of all beneficiaries on fractional shares. Without it, Janney sells shares at a time of its choosing to pay cash and disclaims responsibility for market movement on the sale.2
Janney is not responsible to a beneficiary for dividends, interest or other distributions paid after the death but before the security is presented in proper form for transfer.3
- Payment to a minor or incapacitated beneficiary
A minor or incapacitated beneficiary's share is transferred to a custodial, fiduciary or guardianship account, registered under the Pennsylvania Uniform Transfers to Minors Act unless the application names another state. Janney has no duty to appoint a custodian for a minor.3
- Disputes between claimants
If Janney receives claims that conflict with the beneficiary designation, including one from the estate's personal representative, it may withhold the transfer until the property rights are decided in court. The estate agrees to indemnify Janney either way.3
On an IRA, the custodian may withhold payment, ask a court to decide who should receive the account, and charge the account for the cost of that determination.1
- Fees
Janney charges $125.00 for a full outgoing account transfer and $15.00 for a partial one. Its $200.00 annual Household Service Fee places estate accounts in Category 3 of its assessment hierarchy.4
Not in Janney's published guidance4
- A department for deceased-customer accounts
- A fax number for claim documents
- An email address for claim documents
- A claim form
Sources4
Janney can be reached by phone at 1-800-526-6397 for questions throughout the claims process.
Sources
Data sourced from Janney primary sources (22 pages reviewed). How we research.
Janney death claims support
Phone
Philadelphia main office
Janney Advantage debit card
Mailing address
Website
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