What to do when a Baird account holder dies
Report the death to Baird's Estate Settlement at 1-800-792-2473
After an account holder at Baird 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 Baird's Estate Settlement at 1-800-792-2473 with the proper legal authority documents.
Death claim process
The death claim process at Baird works as follows:
Filing a claim
- A certified copy of the death certificate
- Letters Testamentary or Letters of Administration, if they apply
- A copy of the claimant's government-issued ID
- Satisfactory evidence of the owner's death, such as a certified copy of the death certificate
- A letter of instruction signed by the beneficiary with a Medallion signature guarantee from a bank or broker; a notary is not a substitute
- A new account application if the beneficiary keeps the account, or a Form W-9 if the beneficiary sells it
Required Documents
- Death certificateA certified copy. Baird's guidance suggests ordering 10 to 20 certified copies.
- Government-issued ID for the claimant
- Letters Testamentary or Letters of Administration, if probate is required
- Small estate affidavit, if the estate qualifies under state law
- Trust document showing the successor trustee, for trust accounts
- Inherited IRA application, for IRA beneficiaries
- Letter of instruction signed by the beneficiary, with a signature guarantee, for a Baird Funds TOD account held directly with the fundA Medallion stamp from a bank or broker. A notary is not a substitute.
- New account application or Form W-9, for a Baird Funds TOD beneficiaryA new account application if the beneficiary keeps the account; a Form W-9 if the beneficiary sells it.
- Affidavit of domicile, for a directly held Baird Funds TOD account where a co-owner died
- Inheritance or estate tax waivers, for tenants-in-common accounts, and for Baird Funds TOD re-registrations where required
What happens to each kind of account5
- Joint account with survivorship
On a joint account with rights of survivorship, the entire interest vests in the surviving owner or owners under the terms of the account agreement.1
- Joint account without survivorship
On a tenancy-in-common or other joint account without survivorship, the Client Relationship Agreement requires the surviving owners to give Baird written notice of the death immediately.1
Baird restricts transactions, retains a portion of the account, and requires inheritance or estate tax waivers from the estate before it releases the deceased owner's share.2
- Payable-on-death account
For a TOD brokerage account, the beneficiary completes distribution paperwork with the Financial Advisor.2
When a co-owner of a directly held Baird Funds TOD account dies, the death does not revoke the TOD registration.2
For a Baird Funds TOD account held directly with the fund, the rules state that neither the fund nor its transfer agent "shall have any obligation to attempt to locate a designated TOD beneficiary upon an account owner's death."3
- IRA
Baird "has no obligation to make payment to Client's beneficiaries unless and until Baird is notified of Client's death and is in receipt of a valid death certificate." Beneficiaries open an Inherited IRA.2
Where the owner designated per stirpes, Baird states its construction may differ from state law, the will, or the trust.2
- Investment account
The Client Relationship Agreement lists the client's death as an event that lets Baird liquidate securities in a margin account without notice or a margin call.1
Accounts handled elsewhere1
- U.S. Bank Global Fund Services
Baird Funds mutual fund accounts held directly with the fund (the transfer agent)2
Mailing address: PO Box 219252, Kansas City, MO 64121-9252 (overnight: 801 Pennsylvania Ave Suite 219252, Kansas City, MO 64105-1307)
What Baird provides to the estate1
- Date-of-death balance letter
Baird provides a date-of-death valuation for each account, at $50 per account.2
Help Baird offers survivors1
- Baird Trust estate settlement
Baird Trust can serve as executor, as co-executor, or as agent for an individual executor who stays in the role but hands off the administrative work. Its published settlement schedule runs from the first month to 13 months and beyond.4
What Baird's agreement and guidance say2
Sources4
- 1.Client Relationship Agreement
- 2.What to Do After Losing a Loved One
- 3.Baird Funds Transfer on Death rules
- 4.Baird Trust Estate Settlement
Most transfers complete within several weeks once all documents are received.
Baird's Estate Settlement can be reached by phone at 1-800-792-2473 and email at info@rwbaird.com for questions throughout the claims process.
Sources
Data sourced from Baird primary sources (17 pages reviewed). How we research.
Baird death claims support
Estate Settlement (via Financial Advisor)
Phone
Baird Trust Estate Settlement
Baird Trust Estate Settlement (Louisville)
Hours
Mailing address
Website
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