Death Claims

Goldman Sachs

IRA Accounts

IRA — Spousal Beneficiary

Assets can be transferred into an Inherited IRA or into a spousal IRA.

For an Inherited IRA, Goldman Sachs requires the following documents:

1. Death certificate
2. IRA Rollover (or Roth, if applicable) application
3. Inherited IRA Amendment Form (here)
4. Internal Account Transfer Form (here)

For a spousal IRA, Goldman Sachs requires the following documents:

1. Death certificate
2. Traditional (or Roth, if applicable) IRA application
3. Internal Account Transfer Form (here)

If current year RMDs are not satisfied by the deceased account holder, they must be taken by the beneficiary after the transfer of funds has taken place.

IRA – Non-spousal Beneficiary

Goldman Sachs requires the following documents:

1. Death certificate
2. IRA Rollover (or Roth, if applicable) application
3. Inherited IRA Amendment Form (here)
4. Internal Account Transfer Form (here)

If current year RMDs are not satisfied by the deceased account holder, they must be taken by the beneficiary IRAs after the transfer of funds has taken place.

IRA – Trust Beneficiary

The account must be liquidated. Goldman Sachs does not custody Trust Beneficiary IRAs. Funds are paid out via check. Goldman Sachs requires the following documents:

1. Death certificate
2. Trustee Change Certification Form (here)
3. Letter of Instruction (LOI) that includes:
   1. Account number
   2. Trust’s EIN
   3. Trustee(s) full name
   4. Instructions to fully liquidate the account and mail a check made payable to the trust (state the actual trust name) and address.
   5. Trustee(s) signature
4. Signed W-9 using the TIN, or the EIN verification letter provided by the IRS for the trust.

IRA – No Beneficiary or Estate Beneficiary

The account must be liquidated. Goldman Sachs does not custody estate beneficiary IRAs. Funds are paid out via check. If an estate was named as the beneficiary, Goldman Sachs requires the following documents:

1. Death certificate
2. Court-approved copy of Letters of Testamentary/Administration
3. Letter of Instruction (LOI) that includes:
   1. Account number
   2. Estate EIN
   3. Executor's full name and relationship to the deceased
   4. Instructions to fully liquidate the account and mail a check payable to the decedent’s estate (with address)
   5. Signature of executor of decedent’s estate
4. Signed W-9 using the TIN, or the EIN verification letter provided by the IRS for the estate.

If there is no beneficiary or estate listed on the account, Goldman Sachs requires the following documents:

1. Death certificate
2. Court-approved copy of Letters of Testamentary/Administration
3. Letter of Instruction (LOI) that includes:
   1. Account number
   2. Estate EIN
   3. Executor's full name and relationship to the deceased
   4. Instructions to fully liquidate the account and mail a check payable to the decedent’s estate (with address)
4. Signed W-9 using the TIN, or the EIN verification letter provided by the IRS for the estate.

IRA – Charitable or Business Beneficiary

The account must be liquidated. Goldman Sachs does not custody Inherited IRAs for charities or business entities. Funds are paid out via check. Goldman Sachs requires the following documents:

1. Death certificate
2. Letter of Instruction (LOI) that includes:
   1. Account number
   2. TIN or EIN
   3. Copy of a photo ID to verify signature
   4. Documentation to validate authority to act on behalf of the entity.
   5. Instructions to fully liquidate the account and mail a check made payable to the charity or business (with its mailing address)
   6. Signature of authorized representative of the charity/business entity (e.g. president, treasurer)
3. Signed W-9 using the charity’s (or business’s) TIN or EIN

Individual Accounts

Individual Account with Transfer on Death (TOD) Beneficiary

The beneficiary can transfer the assets to a new account or liquidate the account and receive a check. To keep the assets with Freedom Advisors, Goldman Sachs requires the following documents:

1. Death certificate
2. Individual account application
3. Internal Account Transfer form (here). Complete the step-up and cost-basis election in Part 3.

To liquidate the account and receive a check, Goldman Sachs requires the following documents:

1. Death certificate
2. Letter of Instruction (LOI) signed by the beneficiary. Each beneficiary will need to send a separate LOI (if applicable). The LOI must include:
   1. The account number
   2. The beneficiary's full name & their relationship to the deceased
   3. Instructions to fully liquidate the account and mail a check for the percentage amount due to the beneficiary; list the actual percentage
   4. Instructions to make the check payable to the beneficiary's name & their address
   5. Step-up basis election (half or full) and the valuation date (date of death or an alternative date)

Individual Account with No Transfer on Death (TOD) Beneficiaries – OR – an Estate Beneficiary

The account must be liquidated. Goldman Sachs does not have custody estate accounts. Goldman Sachs requires the following documents:

1. Death certificate
2. Court-approved copy of Letters of Testamentary/Administration.
3. Letter of Instruction (LOI) signed by the executor of the decedent’s estate. The LOI must include
   1. The account number
   2. The Estate’s EIN
   3. The executor's full name & their relationship to the deceased
   4. Instructions to fully liquidate the account and mail a check made payable to the decedent’s estate (with address)
   5. Step-up basis election (half or full) and the valuation date (date of death or an alternative date)
4. Signed W-9 using the TIN, or the EIN verification letter provided by the IRS for the estate

Joint Accounts

Joint Account with Rights of Survivorship

The surviving joint owner of this account type has two options:

Option 1: Keep the assets with Freedom Advisors. Goldman Sachs requires the following documents:

1. Death certificate
2. Individual or Joint account application
3. Internal Account Transfer Form (here). Complete step-up and cost-basis election in Part 3.

-OR-

Option 2: Liquidate the account. Goldman Sachs requires the following documents:

1. Death certificate
2. Letter of Instruction (LOI) signed by the joint owner(s). The LOI must include:
   1. The account number
   2. The joint owner(s)’ full name(s) & their relationship to the deceased
   3. Instructions to fully liquidate the account and mail a check made payable to their name and their mailing address
   4. Step-up basis election (half or full) and the valuation date (date of death or an alternative date)

Joint Account Tenants by Entirety

The surviving joint owner of this account type has two options:

Option 1: Keep the assets with Freedom Advisors. Goldman Sachs requires the following documents:

1. Death certificate
2. Individual account application
3. Internal Account Transfer Form (here). Complete step-up and cost-basis election in Part 3.

-OR-

Option 2: Liquidate the account. Goldman Sachs requires the following documents:

1. Death certificate
2. Letter of Instruction (LOI) signed by the joint owner(s). The LOI must include:
   1. The account number
   2. The joint owner(s)’ full name(s) & their relationship to the deceased
   3. Instructions to fully liquidate the account and mail a check made payable to their name and their mailing address
   4. Step-up basis election (half or full) and the valuation date (date of death or an alternative date)

Joint Account Tenants in Common

The decedent’s share of this account will become the property of their estate. Goldman Sachs requires the following documents:

1. Death certificate
2. Court-approved copy of Letters of Testamentary/Administration.
3. Letter of Instruction (LOI) signed by the joint owner(s). The LOI must include:
   1. The account number
   2. The joint owner(s)’ full name(s) & their relationship to the deceased
   3. Instructions to fully liquidate the account and mail a check made payable to their name and their mailing address
   4. Step-up basis election (half or full) and the valuation date (date of death or an alternative date)
4. Signed W-9 using the TIN, or the EIN verification letter provided by the IRS for the estate

The surviving joint account owner must submit the following:

1. Death certificate
2. Individual account application
3. Internal Account Transfer Form (here). Complete step-up and cost-basis election in Part 3.

Joint Account Community Property

The decedent’s share of this account will be the property of their estate. Goldman Sachs requires the following documents:

1. Death certificate
2. Court-approved copy of Letters of Testamentary/Administration.
3. Letter of Instruction (LOI) signed by the joint owner(s). The LOI must include:
   1. The account number
   2. The joint owner(s)’ full name(s) & their relationship to the deceased
   3. Instructions to fully liquidate the account and mail a check made payable to their name and their mailing address
   4. Step-up basis election (half or full) and the valuation date (date of death or an alternative date)
4. Signed W-9 using the TIN, or the EIN verification letter provided by the IRS for the estate.

The surviving joint account owner must submit the following:

1. Death certificate
2. Individual account application
3. Internal Account Transfer Form (here). Complete step-up and cost-basis election in Part 3.

Trust Accounts

Revocable Trust

Becomes irrevocable upon the death of the account owner

Scenario 1: The trust was reporting under the decedent’s SSN and the decedent is the only Trustee. Select one of the following two options:

Option 1: Keep the account with Freedom Advisors. Goldman Sachs requires the following documents:

1. Death certificate
2. Irrevocable trust account application, using the irrevocable trust TIN
3. Internal Account Transfer form (here).
4. Trustee Change Certification Form (here).
5. Signed W-9 using the TIN, or the EIN verification letter provided by the IRS for the estate.

-OR-

Option 2: Liquidate the account. Goldman Sachs requires the following documents:

1. Death Certificate
2. Letter of Instruction (LOI) signed by the executor of the decedent’s estate. The LOI must include
   1. The account number
   2. The Estate’s EIN
   3. The executor's full name & their relationship to the deceased
   4. Instructions to fully liquidate the account and mail a check made payable to the decedent’s estate (with address)
   5. Step-up basis election (half or full) and the valuation date (date of death or an alternative date)
3. Signed W-9 using the TIN, or the EIN verification letter provided by the IRS for the estate.

Scenario 2: The trust was reporting under the decedent’s SSN, and there are multiple trustees. Select one of the following two options:

Option 1: Move the assets to a new account. Goldman Sachs requires the following documents:

1. Death certificate
2. Irrevocable account application (same trust name, with the new trust TIN)
3. Internal Account Transfer form (here).
4. Trustee Indemnification Form, if not already on file (here).
5. Trustee Change Certification Form (here).
6. Signed W-9 using the TIN, or the EIN verification letter provided by the IRS for the trust.

Option 2: Liquidate the account. Goldman Sachs requires the following documents:

1. Letter of Instruction (LOI) signed by the trustee(s). The LOI must include
   1. The account number
   2. The full legal name of the Trust
   3. The trust’s EIN
   4. Instructions to fully liquidate the account and mail a check made payable to Trust (with address)
   5. Step-up basis election (half or full) and the valuation date (date of death or an alternative date)
2. Trustee Indemnification Form, if not already on file (here).
3. Trustee Change Certification Form (here).
4. Signed W-9 using the TIN, or the EIN verification letter provided by the IRS for the estate

Irrevocable Trust – Trustee(s) Deceased

Option 1: Update the trustees. Goldman Sachs requires the following documents:

1. Death certificate
2. Trustee Indemnification Form, if not already on file (here).
3. Trustee Change Certification Form (here).

Option 2: Close the account. Goldman Sachs requires the following documents:

1. Death certificate
2. Trustee Indemnification Form, if not already on file (here).
3. Letter of Instruction (LOI) signed by the trustee(s). The LOI must include
   1. The account number
   2. The full legal name of the trust
   3. The trust’s EIN
   4. Instructions to fully liquidate the account and mail a check made payable to Trust (with address)
   5. Step-up basis election (half or full) and the valuation date (date of death or an alternative date)
4. Trustee Change Certification Form (here).
5. Signed W-9 using the TIN, or the EIN verification letter provided by the IRS for the estate

UTMA/Custodial Account

Deceased Custodian of UTMA Account, Minor not Age of Majority

The assets can be transferred to a new account, or they can be liquidated.

To keep the assets with Freedom Advisors, Goldman Sachs requires the following documents:

1. Death certificate
2. Court documents (requirements vary by state, please consult legal counsel for questions) naming a successor custodian.
3. Custodial account application.
4. Internal Account Transfer form (here).

To liquidate the account and receive a check, Goldman Sachs requires the following documents:

1. Death certificate
2. Court documents (requirements vary by state, please consult legal counsel for questions) naming a successor custodian.
3. Letter of Instruction (LOI) to liquidate and close the account, signed by the new custodian. The LOI must include the minor's name and the new custodian's name.

Deceased Minor Named on UTMA Account

Goldman Sachs requires the following documents:

1. Court-approved copy of Letters of Testamentary/Administration.
2. Letter of Instruction (LOI) signed by the executor of the decedent’s estate. The LOI must include
   1. The account number
   2. The Estate’s EIN
   3. The executor's full name & their relationship to the deceased
   4. Instructions to fully liquidate the account and mail a check made payable to the decedent’s estate (with address)
   5. Step-up basis election (half or full) and the valuation date (date of death or an alternative date)
3. Signed W-9 using the TIN, or the EIN verification letter provided by the IRS for the estate.

 

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