5.1.3.1.1 Estate Accounts
When an individual dies, it may take months or years for that person’s heirs to sort out who gets what. In the meantime, while those details are being ironed out, an individual’s account is converted into what is known as an estate account. The term “estate” does not mean specifically real estate, but instead is a legal term for a deceased person’s assets. All investment and brokerage accounts of the deceased person will be closed and any powers of attorney will be cancelled.
Normally, with an estate account, a deceased person’s will and/or the court system overseeing the inheritance process will appoint an executor to manage that person’s account. In or