What to do when a J.P. Morgan account holder dies

Completed by the beneficiary or fiduciary. Sent by the institution on request.¹

Completed by a beneficiary (an individual, estate or trust) of the deceased account holder. Available to download.²

Completed by all account holders, on the same form. Available to download. Must be notarized.³

Completed by the account holder or beneficiary. Available to download. Must be notarized.⁴

On a joint account with rights of survivorship, the entire interest in the account vests in the survivors on the same terms as when all owners were alive.⁵

On a tenants in common account, the interests as of the close of business on the day of death are distributed in equal proportions to the number of account holders, unless JPMS was notified in writing otherwise.⁵

Where an account in one name is community or marital property, JPMS continues to rely solely on the listed owner's instructions after a spouse's death, but a court may order it to dispose of the assets as the court directs.⁵

On a community property account, the survivor must immediately give JPMS written notice of the death. The estate and the survivor stay jointly and severally liable for transactions started before JPMS received and processed that notice.⁵

If there is no beneficiary designation on file, or no beneficiary survives the account holder, the assets remaining in the IRA are paid to the account holder's estate.⁵

JPMS as custodian may require a beneficiary of a deceased IRA owner to take a total distribution of all IRA assets by December 31 of the year following the year of death.⁵

Life insurance, fixed and variable annuities, precious metals and limited partnership interests are not eligible for TOD treatment. Held in a TOD account, they become part of the estate at death and do not pass under the TOD designation.⁶

If no TOD beneficiary claims the assets within 6 months of the death, the assets become part of the estate on instruction from the personal representative.⁶

Chase savings, checking, mortgage, credit card and other accounts¹

The Valuation/Cost Basis Modification (Step-up) Request gives the value of a JPMS account on a specific date for a deceased account holder. The completed valuation is mailed only if the signature and notary sections are completed.²

The form offers date of death (inverse weighted mean pricing), point in time (closing price) and alternate date (average pricing) valuations. An alternate valuation is calculated exactly 6 months from the date of death, or on the date a security was sold or distributed within those 6 months.²

Any order the account holder gave stays binding until JPMS has actual notice of the death. The estate is responsible for obligations that accrued before that notice, including reasonable attorneys' fees.⁵

Before JPMS accepts directions from a guardian, conservator, attorney-in-fact or executor, it must be told of the change in status by an official writing with appropriate, certified documentation.⁵

On notice of a death, JPMS may at its sole discretion take the actions and require the death certificates, inheritance or estate tax waivers or other documents it considers advisable to protect itself against loss, including restricting or terminating the account.⁵

On notice of a death, JPMS may also freeze the account in whole or in part, reject trades and cancel outstanding orders without notice.⁵

The TOD Agreement says that on actual notice of the death JPMS has no obligation to locate beneficiaries, notify anyone of a transfer or verify information submitted. Starting the transfer is the beneficiaries' responsibility.⁶

A power of attorney on a JPMS account terminates when the account owner dies.⁵

The power-of-attorney certification says revocation or termination of the power of attorney is not effective as to J.P. Morgan until it receives actual written notice of it, or of the principal's death, at the address on the form.⁷

Account information is provided only to parties with legal authority to receive it, which may include the fiduciary of the estate, an attorney acting for the estate, or a TOD or IRA beneficiary.¹

JPMS may contact a designated trusted contact person to confirm the identity of a legal guardian, executor, trustee or holder of a power of attorney, but will not accept instructions from that person.⁵

Inherited funds are received by internal transfer to a J.P. Morgan Wealth Management account, ACH to a Chase account, or check. Chase says transferring to an existing J.P. Morgan investment account may be the most efficient way.¹

On a TOD account, the beneficiaries take control of the assets even if the will or living trust says otherwise, unless the will or trust specifically and expressly revokes the TOD designation and JPMS receives timely actual notice of that revocation.⁶

In a dispute over a TOD transfer, JPMS may require the parties to reach a final resolution by adjudication, arbitration or another method it accepts, and may freeze the account until it receives a court order.⁶

JPMS may distribute TOD assets for a minor or incapacitated beneficiary to the beneficiary's guardian, conservator or custodian. If none accepts the assets after a reasonable time, JPMS may distribute them to the estate.⁶