Detailed answer

This article explains, in plain language, how brokerage assets are moved into an estate checking account in Georgia. It assumes no legal knowledge. This is not legal advice. If the estate is complicated or contested, consult a Georgia probate attorney.

Overview — who controls the decedent’s brokerage accounts?

Who gets control depends on how the account was titled before death:

• Named beneficiary (payable-on-death, transfer-on-death, or beneficiary designation): the beneficiary generally claims the asset directly from the broker and the asset usually passes outside probate.
• Joint owner with rights of survivorship: the surviving co-owner typically takes control automatically.
• Only in decedent’s name with no beneficiary: the account becomes part of the decedent’s probate estate and the personal representative (executor or administrator) handles the transfer.

Georgia probate and estate procedures are governed by O.C.G.A. Title 53 (Wills, Estates, and Fiduciary Relationships). For the code, see the Georgia Code Title 53 index: https://www.legis.ga.gov/gacode/53. For general probate court information in Georgia, see the Georgia Courts website: https://www.georgiacourts.gov/.

Step-by-step: moving brokerage assets into an estate checking account

1. Identify the account type. Check account title and beneficiary designations. If a beneficiary or joint owner exists, contact the broker’s probate or beneficiary transfer team — the broker will describe the paperwork needed to take title.
2. If the account belongs to the estate (no beneficiary or joint owner), get appointed as personal representative. To act for the estate you generally must be appointed by the probate court as the personal representative (executor or administrator). That appointment produces court-issued letters (often called “Letters Testamentary” or “Letters of Administration”) that brokers will require before releasing funds. See Georgia probate information: https://www.georgiacourts.gov/. Relevant statutes are in O.C.G.A. Title 53: https://www.legis.ga.gov/gacode/53.
3. Obtain a certified copy of the death certificate. Brokers require a certified death certificate (often multiple copies) to confirm the account owner’s death.
4. Obtain an Employer Identification Number (EIN) for the estate. Most brokers require the estate to have an EIN before opening an estate bank or brokerage account or accepting estate checks. You get an EIN from the IRS: https://www.irs.gov/businesses/small-businesses-self-employed/how-to-get-an-ein.
5. Open an estate checking account in the estate’s name. Open the account using the estate name (e.g., “Estate of Jane Doe, Deceased, by John Smith, Personal Representative”) and provide the bank with the court letters and the estate EIN. Banks usually require the certified death certificate and identification for the personal representative.
6. Present the broker with required documentation and request the transfer. Typical documents brokers request include: certified death certificate, court letters appointing the personal representative, a copy of the will (if applicable), and the estate’s EIN and estate bank account information. Decide whether to transfer securities in-kind into an estate brokerage account or to liquidate positions and deposit cash into the estate checking account. Brokers vary in procedures and timing.
7. Follow broker-specific procedures and tax rules. Each brokerage firm has its own forms and processing times. For tax and retirement accounts, special rules apply (see next section).

Special situations

Accounts with beneficiary designations (POD/TOD) or retirement accounts

Beneficiary-designated accounts usually pass outside probate to the named beneficiary after the broker receives a certified death certificate and beneficiary paperwork. Retirement accounts (IRAs, 401(k)s) have complicated tax rules; beneficiaries cannot always roll them into an estate account without tax consequences. Contact the plan administrator or custodian and consider tax advice before instructing liquidations.

Joint accounts

If the account held a joint owner with rights of survivorship, the surviving owner generally controls the account after producing a death certificate and ID. If the joint account was as tenants in common or otherwise not survivorship, the decedent’s share may go through probate.

Small estate procedures

Georgia has procedures that simplify transfer of small estates in some circumstances. The availability and thresholds for simplified procedures vary. Check your local probate court’s rules or consult an attorney to see if a simplified procedure applies.

If the broker refuses to release assets

Common reasons for delay include incomplete documentation, disputes among potential heirs, or competing claims. If you have letters from the probate court, provide them to the broker. If the broker continues to refuse, talk to the probate court clerk or a Georgia probate attorney about next steps.

Practical timeline and expectations

• Benefit-account transfers (POD/TOD) can be completed in days to a few weeks once the beneficiary submits the required documents.
• Probate to appoint a personal representative can take weeks to months depending on whether the will is contested and local court backlog.
• After appointment, brokers often take several business days to several weeks to complete transfers after they receive the letters and death certificate.

When to get legal help

Consider hiring a Georgia probate attorney if:

• Estate assets are substantial or include complex securities.
• There is no will or the will is disputed.
• Beneficiary designations conflict with the will.
• You need help obtaining court letters, interpreting creditor claims, or dealing with broker refusals.

A probate attorney can guide you through filing in the correct Georgia probate court, obtaining letters, and communicating with brokers and banks.

Important legal note: This overview summarizes common steps under Georgia probate practice and points to where the law is located (O.C.G.A. Title 53). It is not legal advice. For legal advice tailored to your situation, consult a licensed Georgia attorney.

Helpful Hints

• Gather multiple certified copies of the death certificate early — brokers and banks often each require their own certified copy.
• Call the broker’s probate/estate department first to ask exactly which documents and forms they require. Every firm has slightly different procedures.
• Obtain an EIN for the estate before trying to open estate bank accounts or take large distributions — banks often will not accept personal SSNs for estate accounts.
• Decide early whether to transfer securities in-kind or liquidate — liquidation may trigger taxes; get tax or financial advice for retirement accounts and appreciated securities.
• Keep careful records of all communications, checks, transfers, and receipts. The personal representative has a fiduciary duty to the estate and must account for distributions.
• If you suspect the account should have had a beneficiary designation but you can’t find it, ask the broker to search their records and review the decedent’s financial paperwork and safe-deposit box.
• For small-property claims or quick transfers, contact your local probate court clerk — simplified procedures might be available.
• If beneficiaries disagree, avoid transferring assets until disputes are resolved; acting prematurely could cause personal liability for the personal representative.

For Georgia statutes on probate and fiduciary duties, see O.C.G.A. Title 53: https://www.legis.ga.gov/gacode/53. For help obtaining an EIN for an estate: https://www.irs.gov/businesses/small-businesses-self-employed/how-to-get-an-ein.

Disclaimer: I am not a lawyer. This article provides general information about Georgia probate practice and is not legal advice. For advice about your specific situation, consult a licensed Georgia attorney.