What to do when a U.S. Bancorp Investments account holder dies
Contact U.S. Bancorp Investments's U.S. Bank Trust & Investments (corporate trustee / trust administration — a separate unit from the broker-dealer) — 9-step process, 7 required documents, and no published turnaround. the firm will not transfer anything until it has proof of death, the sworn affidavit and action request, and (where applicable) letters of administration certified within the prior 60 days; a contested account can be held indefinitely — the disclosure statement lets u.s. bancorp investments require full resolution of any dispute among beneficiaries, or any claim by the estate, creditors, a surviving spouse, or heirs, by adjudication or arbitration before it transfers.
U.S. Bank Trust & Investments (corporate trustee / trust administration — a separate unit from the broker-dealer)
U.S. Bancorp Investments service line (TOD transfers and estate account transfers; no separate estate unit for the broker-dealer)
U.S. Bancorp Investments, Inc., 60 Livingston Avenue, EP-MN-N2WC, Saint Paul, MN 55107 (the firm's office address of record on FINRA BrokerCheck, CRD #17868). Call 800-888-4700 first — the firm directs estate paperwork through the service line and the servicing representative.
When an account holder at U.S. Bancorp Investments passes away, the next step depends on how the investment accounts were set up. Accounts with beneficiary designations or trust ownership transfer outside of probate. Accounts titled solely in the deceased's name require the estate's legal representative to work with U.S. Bancorp Investments's U.S. Bancorp Investments service line (TOD transfers and estate account transfers; no separate estate unit for the broker-dealer) (800-888-4700) to access and distribute the funds.
Death claims at U.S. Bancorp Investments can be started through an online portal, which streamlines the initial notification and document upload. Phone and mail options are also available.
Death claim process
Here is the step-by-step death claim process at U.S. Bancorp Investments:
Filing a claim
- that the signer is a beneficiary or the personal representative of the estate;
- that the account owner is deceased;
- the name and address of each person to receive a transfer under the TOD agreement then in force; and
- that there are no known disputes about who is entitled to a transfer or about the amounts, and no known claims that would affect the transfer.
Required Documents
- Certified copy of the death certificate for the account owner (all owners, if joint)
- Affidavit and Action Request, executed under oath by each beneficiary or by the personal representative, in the form U.S. Bancorp Investments requires
- Letters Testamentary or Letters of Administration — certified to a date no more than 60 days before the affidavit — where a personal representative signs or where there is no TOD designation
- State inheritance-tax waiver, if the decedent's state requires one
- Proof of death of any beneficiary who predeceased the account owner
- Letter of Authorization to Transfer Funds or Securities (or letter of instruction) for the receiving-account transfer
- Government-issued photo ID for the claimant
What to know at this institution
Two U.S. Bancorp Investments quirks decide most outcomes here. FIRST, the transfer runs on Minnesota law no matter where the decedent lived: the TOD account is established under the Minnesota Uniform TOD Security Registration Act (Minn. Stat. §§ 524.6-301 to 524.6-311) and the disclosure statement claims all of that Act's protections for the firm. SECOND, a will can defeat the TOD — but only if someone speaks up in time: a valid last will that specifically describes revoking the designation does revoke it, yet the revocation is not binding on U.S. Bancorp Investments unless a claimant delivers written notice to its principal office BEFORE the transfer is made. An executor holding a will that redirects a TOD account must give that written notice immediately. Between the owner's death and the transfer, the surviving beneficiaries hold their interests as tenants in common, and the firm disclaims liability for interest, dividends, or market losses in that window.
Prepare your letter of instruction to U.S. Bancorp Investments
U.S. Bancorp Investments accepts a claimant-drafted letter of instruction. We draft it for you — addressed to U.S. Bancorp Investments's verified claims department, with the documents it requires enclosed.
Build your letter of instructionHow long the process takes at U.S. Bancorp Investments: No published turnaround. The firm will not transfer anything until it has proof of death, the sworn Affidavit and Action Request, and (where applicable) letters of administration certified within the prior 60 days; a contested account can be held indefinitely — the disclosure statement lets U.S. Bancorp Investments require full resolution of any dispute among beneficiaries, or any claim by the estate, creditors, a surviving spouse, or heirs, by adjudication or arbitration before it transfers. The most common reason for delays is missing or incomplete documentation, so submitting everything upfront is the best way to keep things moving.
U.S. Bancorp Investments requires several documents to process a claim, including Certified copy of the death certificate for the account owner (all owners, if joint), Affidavit and Action Request, executed under oath by each beneficiary or by the personal representative, in the form U.S. Bancorp Investments requires, and Letters Testamentary or Letters of Administration — certified to a date no more than 60 days before the affidavit — where a personal representative signs or where there is no TOD designation, and additional documentation depending on the account type. Certified copies are typically needed—photocopies are generally not accepted for death certificates or court documents.
Frequently asked questions
Three things, and the third is where families get stuck. (1) Proof of death of the account owner — of every owner, on a joint account, since the TOD only pays on the death of the last surviving owner. (2) An "Affidavit and Action Request," sworn under oath by each beneficiary or by the personal representative, stating that the owner is dead, who is to receive a transfer, and that there are no known disputes or claims affecting it. (3) If a personal representative signs, letters of administration certified to a date NOT MORE THAN 60 DAYS before the affidavit — an older certified copy will not do, so get a fresh certified copy from the probate clerk rather than reusing one from earlier in the administration. Start at 800-888-4700.
Minnesota's. The form 30424 TOD Account Agreement establishes the account under the Minnesota Uniform TOD Security Registration Act (Minn. Stat. §§ 524.6-301 to 524.6-311), states that all TOD accounts are accepted in Minnesota and governed by Minnesota law, and claims that Act's protections for the firm. The agreement also anticipates that TOD registration may not be recognized where you are domiciled, and provides that absent notice from an executor or a claimant, the firm may transfer the securities to the named beneficiaries anyway — with you and your estate agreeing to indemnify it. That is a strong reason to keep the beneficiary designation current rather than relying on your will to fix it.
Only if someone tells the firm in time. The TOD Disclosure Statement recognizes that the last surviving owner may revoke a beneficiary designation by specifically describing the revocation in a valid last will — but the revocation is NOT binding on U.S. Bancorp Investments unless, before the transfer is made, it receives written notice at its principal office from a claimant objecting to the distribution. In practice the firm pays the named beneficiaries and never has to look at the will. If you want different beneficiaries, sign a new form 30424; if you are an executor holding a will that redirects a TOD account, send the written objection to the firm immediately.
No. U.S. Bancorp Investments, Inc. is a separate legal entity from U.S. Bank N.A. — a broker-dealer subsidiary of U.S. Bancorp, member FINRA and SIPC (BrokerCheck CRD #17868). Deposit accounts at the bank pass by Payable on Death (POD) and are handled by the bank's Life Events Team; brokerage accounts pass by Transfer on Death under form 30424 and are handled by the investments service line at 800-888-4700, with the Affidavit and Action Request. Two entities, two forms, two phone calls. A third unit again, U.S. Bank Trust & Investments (855-594-7236), is the one that acts as corporate trustee.
U.S. Bancorp Investments's U.S. Bancorp Investments service line (TOD transfers and estate account transfers; no separate estate unit for the broker-dealer) can be reached by phone at 800-888-4700 for questions throughout the claims process.
If the deceased held multiple U.S. Bancorp Investments investment accounts, each may require a separate claim or have different documentation requirements. The U.S. Bancorp Investments service line (TOD transfers and estate account transfers; no separate estate unit for the broker-dealer) can confirm which accounts require individual attention and which can be processed together.
Sources
Data sourced from U.S. Bancorp Investments primary sources (14 pages reviewed). How we research.
U.S. Bank Trust & Investments (corporate trustee / trust administration — a separate unit from the broker-dealer)
U.S. Bancorp Investments service line (TOD transfers and estate account transfers; no separate estate unit for the broker-dealer)
U.S. Bancorp Investments, Inc., 60 Livingston Avenue, EP-MN-N2WC, Saint Paul, MN 55107 (the firm's office address of record on FINRA BrokerCheck, CRD #17868). Call 800-888-4700 first — the firm directs estate paperwork through the service line and the servicing representative.
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