TradeStation
Subsidiary of TradeStation Group, Inc. (acquired by Monex Group, Inc. in 2011)
tradestation.comWhat to do when a TradeStation account holder dies
Report the death to TradeStation's Account Services
After an account holder at TradeStation 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 TradeStation's Account Services with the proper legal authority documents.
Death claim process
To file a claim after an account holder's death, here is what TradeStation requires:
Filing a claim
- It is signed by the executor, administrator or survivor and states the decedent's primary residence at the time of death.
- It applies to all TradeStation accounts of the deceased, even if separate account numbers are not shown.
- For an international decedent, the affiant indicates whether the decedent had less than $60,000 in US situs assets.
- Notarization is required: the form states it will not be accepted unless notarized.
- Section 39 lets TradeStation "require such papers, inheritance or estate tax waivers or federal transfer certificates" before releasing assets.
- The TOD agreement lets TradeStation require documentation "including, but not limited to death certificates, tax waivers, and affidavits".
- A written notice of the death (Section 39 of the customer agreement).
- The Affidavit of Domicile, notarized.
- Any death certificates, tax waivers, affidavits or federal transfer certificates TradeStation requests.
- Mail: TradeStation Securities Inc, Attn: Account Services, 8050 SW 10th Street, Suite 2000, Plantation, FL 33324, the return address printed on TradeStation's IRA Beneficiary Change Form.
- Email: ClientExperience@TradeStation.com, the return email printed on TradeStation's TOD agreement and IRA Beneficiary Change Form.
Required Documents
- Written notice of the deathSection 39 of the customer account agreement asks the survivors or the estate to give it immediately.
- Affidavit of Domicile, notarizedA TradeStation form. It states that it will not be accepted unless notarized.
- Death certificates, tax waivers and affidavits, if TradeStation requires them
- Inheritance or estate tax waivers or federal transfer certificates, if TradeStation requires them
- Equities IRA application, to open a beneficiary IRA
- The decedent's death certificate, to open a beneficiary IRAEquity Trust Company's IRA application asks for a certified copy of the death certificate.
- Most recent account statement, to open a beneficiary IRA
Forms TradeStation issues1
- Affidavit of Domicile
Completed by the executor, administrator or survivor. Available to download. Must be notarized.1, 2
What happens to each kind of account5
- Payable-on-death account
On a TOD account, TradeStation distributes to the designated beneficiaries. It has no obligation to locate beneficiaries and may, in its complete discretion, require legal adjudication of any issue over distribution or ownership, recovering its costs and attorneys' fees.3
On a TOD account with no designation in effect, TradeStation distributes the account to the estate.3
- Joint account with survivorship
Ownership passes to the survivor. A TOD on a joint account with right of survivorship is triggered on the death of the last surviving owner.4
- Joint account without survivorship
On a joint tenants in common account, the deceased owner's percentage interest is retained by that owner's estate and is not passed to the surviving tenant.4
- Trust account
The trustees agreed on the Certificate of Trustees to inform TradeStation in writing of any change in the composition of the trustees.5
Accounts handled elsewhere1
- Equity Trust Company
Holds TradeStation IRAs7
What TradeStation's agreement and guidance say4
- Telling the institution
Section 39 of TradeStation's customer account agreements requires the survivors or the estate to give immediate written notice of the death.4, 8
- What it does when notified
Before or after receiving the notice, TradeStation may require tax waivers or federal transfer certificates, "retain such portion of the Account and restrict financial transactions, transfers and withdrawals in the Account".4, 8
- Fees
"Your estate and the Account shall be jointly liable for all costs (including reasonable attorneys' fees and costs) TradeStation Securities may incur in connection with the disposition of the Account."4, 8
- How proceeds are paid
Check withdrawals are suspended indefinitely, so funds leave by Smart Transfer (ACH) or wire transfer.9
Sources9
- 1.Affidavit of Domicile, rev 0926
- 2.Single forms
- 3.Transfer-on-Death Agreement, 0424
- 4.TradeStation Securities Customer Account Agreement for Equities, Rev 06-27-24
- 5.Certificate of Trustees
- 6.FAQs
- 7.Equity Trust IRA application, (c)2022 Equity Trust
- 8.TradeStation Securities Customer Account Agreement for Futures, Rev 09-19-2023
- 9.Contact us
Frequently asked questions
In two situations, yes. Step 2 of the Account Transfer-on-Death Account Agreement is a Spousal Consent section that must be completed if either (i) the account is in a single name and your spouse is not named as the sole primary beneficiary, or (ii) the account is joint and the joint tenants are not married to each other. The spouse signs an acknowledgment that he or she may be waiving rights to any and all property placed in the account, and a witness signs alongside. The spouse can revoke the consent in a signed writing that TradeStation receives before the account holder (or, on a joint account, the survivor) dies.
Its contract says yes. Section 39 ("Estate Issues") of the TradeStation Securities Customer Account Agreements for Equities and for Futures provides that "Your estate and the Account shall be jointly liable for all costs (including reasonable attorneys' fees and costs) TradeStation Securities may incur in connection with the disposition of the Account and related assets and liabilities in the event of your death, disability or dissolution." The Transfer-on-Death Account Agreement adds that TradeStation has no obligation to locate beneficiaries, may in its complete discretion require legal adjudication of any issue over distribution or ownership, and "shall be entitled to recover all costs and attorneys' fees incurred in connection therewith."
No. The Transfer-on-Death Account Agreement states that changes in the relationship between the account holder and a designated beneficiary, "including but not limited to, subsequent marriage, divorce, remarriage or adoption," will not affect a prior designation. A new signed designation automatically revokes the prior one, and it must be received by TradeStation at least five business days before a distribution of the account to be effective.
TradeStation's Account Services can be reached by email at ClientExperience@TradeStation.com for questions throughout the claims process.
Sources
Data sourced from TradeStation primary sources (25 pages reviewed). How we research.
TradeStation death claims support
Account Services
Mailing address
Website
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