What to do when a Northwestern Mutual Investment Services account holder dies

For joint tenants with rights of survivorship, the entire interest vests in the surviving joint tenant(s).¹

For tenants in common, the decedent's share vests in the decedent's legal representative.¹

On an advisory account, the trading authorization given to the advisory program does not end at death. The executor, guardian, attorney-in-fact or other authorized representative may end it by written notice to NMIS, effective on receipt.¹

"In the event of death or the adjudication of incompetence of the sole beneficial owner of a CD, early withdrawal may be permitted without penalty." A partial withdrawal is not permitted, and written verification acceptable to the issuer is required.²

CDs held in an IRA are not eligible for early withdrawal simply because the beneficiary must begin making mandatory withdrawals.²

Northwestern Mutual describes three options for an IRA beneficiary: a spouse may roll the funds into their own IRA, a beneficiary may open an inherited IRA, or the beneficiary may take a lump sum.³

Clearing firm that carries NMIS account positions (DTCC # 0443)^{2, 1, 4}

Physical stock and bond certificates⁴

Custodian of NMIS IRAs and Coverdell education savings accounts^{2, 1}

Insurance policies and annuity contracts, including the Report a Death form for an insured⁴

On a joint account, NMIS may, before or after receiving notice of the death, require any applicable documents and inheritance or estate tax waivers, and may restrict transactions in the account.¹

The NMIS fee schedule defines legal deposits as "certificates that require legal documents (death certificate, corporate resolution, etc.) to render it negotiable." The Legal Deposit Fee is $60.00 per CUSIP.⁵

Moving accounts to another firm costs a $125.00 Closing/Transfer Out Fee, plus the annual Advisory IRA, Brokerage IRA or Coverdell ESA fee if not already paid for the year. Account transfers carry any fee the transfer agent imposes.⁵