Alaska: Transferring Brokerage Assets into an Estate Checking Account

Disclaimer: This article is informational only and is not legal advice. It explains general principles of Alaska probate practice to help you understand the process. For specific legal guidance, speak with a licensed Alaska attorney.

Detailed answer — How to move brokerage assets into an estate bank account under Alaska law

When a person dies, brokerage accounts that are solely in the decedent’s name generally cannot be moved into an estate checking account until a court-authorized personal representative (executor or administrator) has authority to act, or until the brokerage recognizes an alternate transfer route (for example, a transfer-on-death designation or joint tenancy). In Alaska you will generally follow these steps:

1. Confirm how the account is titled. If the account is payable-on-death (POD), transfer-on-death (TOD) or held jointly with right of survivorship, the brokerage may transfer ownership outside probate after you provide the required paperwork (usually a certified death certificate and beneficiary identification). If the account is owned only by the decedent, probate administration is usually required before the brokerage will pay or transfer funds.
2. Open probate (if needed) and obtain the personal representative’s authority. To act for the estate you (or someone else) usually must file a petition in Alaska Superior Court to be appointed personal representative. Once the court issues letters testamentary or letters of administration, you (as the personal representative) have the formal authority the brokerage will require. See Alaska Statutes, Title 13 (Probate, Gifts, and Trusts) for the general probate framework: https://www.akleg.gov/basis/statutes.asp#13 and see the Alaska Courts probate overview: https://www.courts.alaska.gov/shc/probate.htm.
3. Get certified copies of the court documents and the death certificate. Most brokerages require a certified copy of the letters appointing the personal representative and an official death certificate before they will transfer assets or pay funds. Request certified copies from the clerk of the court that issued the letters.
4. Obtain an EIN for the estate. An estate needs an employer identification number (EIN) to open an estate bank account and to file estate tax or income tax returns. You can apply online through the IRS: https://www.irs.gov/businesses/small-businesses-self-employed/apply-for-an-employer-identification-number-ein-online
5. Open an estate checking account. Use the estate name (for example, “Estate of Jane Doe, Deceased, John Smith, Personal Representative”) and bring the certified letters and EIN to the bank. Do not use your personal account for estate funds.
6. Request the brokerage transfer. Provide the brokerage with: (a) a certified copy of the letters appointing the personal representative, (b) the death certificate, (c) the estate EIN, (d) instructions whether you want to transfer securities in kind to an estate brokerage account or sell and deposit cash to the estate checking account, and (e) any forms the brokerage requires. Some brokerages also require a medallion signature guarantee on certain transfer documents. Follow the brokerage’s internal transfer procedures. If you instruct a sale, the brokerage will generally deposit proceeds to the estate checking account once paperwork clears.
7. Observe notice and creditor procedures before distribution. Alaska probate law includes notice and creditor-claim procedures that the personal representative must follow before making final distributions. Do not distribute estate assets to beneficiaries until you have complied with required notices and resolved any claims. See Alaska Statutes, Title 13 for statutory duties and procedures: https://www.akleg.gov/basis/statutes.asp#13.

In short: identify the account’s title; if transfers occur outside probate (TOD/POD/joint), provide the death certificate and beneficiary ID; if probate is required, obtain court-issued letters, an EIN, open an estate checking account, then use the letters and death certificate to instruct the brokerage to transfer or liquidate and move funds into the estate account.

Common documents brokerages typically require

• Certified copy of Letters Testamentary or Letters of Administration from the Alaska court
• Official death certificate
• Estate EIN (IRS letter)
• Completed transfer or liquidation forms from the brokerage
• Medallion signature guarantee (for some transfers)
• Trust document (if the account is held in a trust) or beneficiary designation forms

Tax and record-keeping notes

Keep complete records of all transfers, sales, and distributions. The estate may need to file income tax returns and may be responsible for tax withholding or reporting. Basis, gains, and tax reporting for assets sold after death can be complex; consult a tax professional. Alaska does not impose a separate state estate tax, but federal estate tax rules and thresholds may apply.

Helpful hints

• Start early. Contact the brokerage as soon as you have the death certificate to learn its exact requirements and forms.
• Do not withdraw estate funds into a personal account. That creates commingling and legal exposure.
• Ask the brokerage whether it will transfer assets in kind to an estate brokerage account or if it requires liquidation to cash before transfer.
• If you expect creditor claims or complicated assets, discuss a timeline with the court or an attorney before distributing funds.
• Get everything in writing from the brokerage about what you submit and when they will complete the transfer.
• If the account has TOD/POD or beneficiary designation, provide only the beneficiary forms and death certificate—probate may be avoided for that asset.
• Use the Alaska Courts probate guide for court filing basics: https://www.courts.alaska.gov/shc/probate.htm
• For legal representation or more complex estate administration, contact the Alaska Bar Association for referrals: https://www.alaskabar.org

Resources:

• Alaska Statutes, Title 13 — Probate, Gifts, and Trusts: https://www.akleg.gov/basis/statutes.asp#13
• Alaska Courts — Probate information and forms: https://www.courts.alaska.gov/shc/probate.htm
• IRS — Apply for an EIN: https://www.irs.gov/businesses/small-businesses-self-employed/apply-for-an-employer-identification-number-ein-online
• Alaska Bar Association: https://www.alaskabar.org

Because probate and brokerage rules can differ by county and by firm, consider consulting a licensed Alaska attorney who handles probate and estate administration for specific steps and to ensure compliance with Alaska law. This document is informational only and not a substitute for legal advice.