How to move brokerage account assets into an estate checking account under Maine law

Short answer: who can transfer the assets and how depends on how the brokerage account is titled. If the account was jointly held with rights of survivorship or has a named beneficiary (transfer‑on‑death or payable‑on‑death), the broker normally transfers directly to the survivor or beneficiary after you provide a certified death certificate and ID. If the account was in the decedent’s sole name, the personal representative (executor/administrator) appointed by the Maine probate court must present court-issued credentials and the estate’s EIN to the brokerage to have assets transferred or proceeds paid into an estate checking account.

Detailed answer (step-by-step)

1. Identify how the brokerage account is titled

Start by obtaining the most recent account statement. Common possibilities:

• Solely in the decedent’s name — usually requires probate and a personal representative before the broker will transfer assets.
• Joint tenants with rights of survivorship — the surviving owner typically becomes sole owner upon production of a death certificate.
• Transfer on Death (TOD) or beneficiary designation — the named beneficiary can claim the account by giving the broker a certified death certificate and proof of identity/SSN.
• Account owned by a trust — trustee can manage or transfer according to the trust terms; provide the broker with the trust document and trustee ID.

2. If a beneficiary or joint owner exists: what to give the broker

Provide the broker with a certified copy of the death certificate, your identification, and any beneficiary paperwork the broker requires. The broker will explain whether they will transfer assets in‑kind to a new brokerage account in the beneficiary’s name or liquidate and send cash. This process usually avoids probate.

3. If the account was only in the decedent’s name: open the estate and get appointed

Under Maine’s probate system (see Maine Probate Code, Title 18‑B), a person who will manage and distribute the decedent’s property must be appointed by the probate court as the personal representative. The appointment process gives the authority (letters testamentary or letters of administration) you will need to deal with financial institutions. See Maine Probate Court information: https://www.courts.maine.gov/maine_courts/probate/ and the Maine statutes (Title 18‑B): https://legislature.maine.gov/statutes/18-B/.

4. Get a certified death certificate

Order multiple certified copies from the state or town where the death was registered. Financial institutions usually require a certified copy (not a photocopy).

5. Obtain an EIN for the estate

Open an estate checking account in the estate’s name. Banks will generally require the court’s appointment document (letters) and the estate Employer Identification Number (EIN), not the decedent’s Social Security number. You can obtain an EIN from the IRS online: https://www.irs.gov/businesses/small-businesses-self-employed/apply-for-an-employer-identification-number-ein-online.

6. Provide the brokerage with the required estate documentation

Once you have court letters, a certified death certificate, and the estate EIN (and often a copy of the will if relevant), present these to the brokerage. Typical outcomes:

• Transfer assets in‑kind to an estate brokerage account titled “Estate of [Decedent], by [Personal Representative], [PR name].”
• Sell securities and have the cash wired or a check issued to the estate checking account.
• Issue checks payable to the estate; some brokerages require a separate estate brokerage account before liquidating.

Ask the brokerage whether they need a court order for any transfers. Most cooperate once provided with the letters and death certificate, but unusual circumstances (competing claims, unclear beneficiary designations, or pending litigation) can require court intervention.

7. Accounting, taxes, and distribution

Keep clear records: date and amount of sales, commissions, transfers, and any correspondence with the brokerage. The estate may owe income or estate tax and must file fiduciary tax returns (e.g., federal Form 1041) and possibly Maine returns; consult an accountant or attorney for tax reporting. After creditor claims and taxes are handled and the court authorizes final distribution, the personal representative transfers funds from the estate checking account to beneficiaries per the will or Maine intestacy law (Title 18‑B).

8. Timeframe and likely delays

Transfers can take from a few business days to several weeks. Expect added time to obtain certified copies, complete probate paperwork (if required), and satisfy any anti‑fraud or compliance checks by the brokerage.

When to get help from a probate attorney

• If ownership or beneficiary status is disputed.
• If the brokerage freezes the account or demands a court order.
• If the estate is large, complex, or involves out‑of‑state assets.
• If you are unsure about tax consequences of selling securities or transferring assets in‑kind.

Helpful Hints

• Collect the decedent’s recent brokerage statements, account agreements, trust documents, and beneficiary designation forms before contacting the broker.
• Order several certified death certificates—banks and brokers often want their own certified copy.
• Contact the brokerage early to learn their exact requirements and forms; each firm has a slightly different process and paperwork checklist.
• Open an estate bank account only after you have the personal representative’s letters and an EIN. Title the account clearly (e.g., “Estate of Jane Doe, by John Smith, Personal Representative”).
• Decide whether to transfer assets in‑kind or sell: selling may produce cash quickly but can trigger capital gains; transferring in‑kind may simplify tax reporting if the estate keeps investments.
• Keep meticulous records of every transaction, communication, and fee. The personal representative has a fiduciary duty to account for estate property.
• Be cautious about distributing funds to heirs until the estate’s taxes and creditor claims are resolved and the court approves final distribution.
• If the estate is small and intestate, check whether Maine offers simplified or small‑estate procedures with the probate court that might make transfer easier—ask the probate clerk or an attorney.

Key Maine resources:

• Maine Probate Court information: https://www.courts.maine.gov/maine_courts/probate/
• Maine Probate Code (Title 18‑B): https://legislature.maine.gov/statutes/18-B/
• IRS EIN application (estate EIN): https://www.irs.gov/businesses/small-businesses-self-employed/apply-for-an-employer-identification-number-ein-online

Disclaimer: I am not a lawyer. This article explains general practices and Maine probate resources. It is not legal advice. For advice specific to your situation, consult a licensed Maine probate attorney.