What to do when an U.S. Bancorp Advisors account holder dies
Report the death to U.S. Bancorp Advisors at 1-800-888-4700
When an account holder at U.S. Bancorp Advisors 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 Advisors' U.S. Bank Trust & Investments (1-855-594-7236) to access and distribute the funds.
Begin by calling U.S. Bancorp Advisors at 1-855-594-7236. You will need the deceased's full name, account numbers, and the death certificate to get the process started.
Death claim process
Here is the step-by-step death claim process at U.S. Bancorp Advisors:
Filing a claim
- proof of death of the account owner, or of all owners on a joint account;
- an Affidavit and Action Request executed under oath, in the form the firm requires, by each beneficiary or by the personal representative of the estate;
- if the personal representative signs, a copy of the letters of administration certified to a date not more than 60 days before the affidavit;
- a waiver of inheritance taxes, if required; and
- proof of death of any beneficiary who did not survive the last owner.
Required Documents
- Proof of death of the account owner, for a TOD account opened under form 30424On a joint account, proof of death of all owners.
- Valid death certificate, for an IRA
- Affidavit and Action Request, for a TOD account opened under form 30424Executed under oath, in the form the firm requires, by each beneficiary or by the personal representative of the estate.
- Letters of administration, for a TOD account opened under form 30424, when a personal representative signs the affidavitA copy certified to a date not more than 60 days before the affidavit.
- Inheritance tax waiver, for a TOD account opened under form 30424, if required
- Proof of death of any beneficiary who did not survive the last owner, for a TOD account opened under form 30424
What happens to each kind of account2
- Investment account
On a TOD account opened under form 30424, the living beneficiaries hold their interests as tenants in common between the last owner's death and the transfer. If no beneficiary survives the last owner, the account goes to that owner's estate.1
- IRA
The custodial agreement says: "We have no obligation to pay to your beneficiaries until such time we are notified of your death by receiving a valid death certificate."2
Accounts handled elsewhere1
- U.S. Bank Life Events Team
Accounts with U.S. Bank itself3
Phone: 1-800-872-2657
What U.S. Bancorp Advisors's agreement and guidance say3
- Debts owed to the institution
Under form 30424, a pledged account's loan balance must be paid in full before any distribution, and a debit balance is satisfied by selling securities U.S. Bancorp Investments selects in its sole discretion.1
- Disputes between claimants
Form 30424 lets U.S. Bancorp Investments require any dispute among beneficiaries, or any claim by the estate, creditors, a surviving spouse, the personal representative or heirs, to be resolved by adjudication, arbitration or another acceptable method before it transfers.1
- Telling the institution
Form 30424 states U.S. Bancorp Investments has no duty to determine whether an owner is alive and is not obligated to notify beneficiaries of their designation.1
Not in U.S. Bancorp Advisors's published guidance1
- How long a claim takes
Frequently asked questions
Its TOD Disclosure Statement lists proof of death of the owner (of every owner on a joint account); an Affidavit and Action Request executed under oath by each beneficiary or by the personal representative; a copy of the personal representative's letters of administration certified to a date not more than 60 days before the affidavit; a waiver of inheritance taxes, if required; and proof of death of any beneficiary who did not survive the owner.
The two firms' documents differ. The U.S. Bancorp Advisors Universal Customer Agreement states the beneficiary cannot be changed by will, codicil, trust or other testamentary document; a new Beneficiary Designation form is required. The older U.S. Bancorp Investments form 30424 lets the last surviving owner revoke a designation by specifically describing it in a valid will, but the revocation binds the firm only if a claimant gives written notice at its principal office before the transfer.
U.S. Bancorp Advisors' U.S. Bank Trust & Investments can be reached by phone at 1-855-594-7236 for questions throughout the claims process.
Sources
Data sourced from U.S. Bancorp Advisors primary sources (19 pages reviewed). How we research.
U.S. Bancorp Advisors death claims support
U.S. Bancorp Advisors
Phone
U.S. Bank and U.S. Bancorp Advisors clients
Hours
Website
Death notifications go through general customer service.
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