Detailed answer

This answer explains, in plain language, the usual steps and legal requirements you will encounter under Louisiana succession law when you need brokerage account assets controlled by a deceased person moved into an estate checking account. This is educational information only and not legal advice.

1) Identify how the brokerage account is titled

Start by reviewing the brokerage account records and recent statements. The path the assets take depends on the account title and beneficiary designations:

• If the account is titled in the deceased person’s sole name, it is part of the succession (probate) estate and generally must be transferred through the succession process.
• If the account has a named beneficiary (transfer-on-death, payable-on-death, or beneficiary designation), the assets typically pass directly to the beneficiary outside succession. Contact the broker for their beneficiary-transfer procedures.
• If the account is joint with rights of survivorship, the surviving joint owner usually becomes the sole owner automatically.

2) Figure out whether a formal succession is required

Louisiana has procedures for small successions and formal successions. For small estates composed mainly of movables and cash under the statutory threshold, heirs may use simplified procedures (affidavit or small succession) to collect assets without opening a full probate file. For larger or complex estates, you will need to open a succession in the appropriate parish court and have a succession representative appointed.

Because thresholds and procedural details change, check current Louisiana rules and the local parish court’s procedures. A searchable place for Louisiana laws is the state legislature site: Louisiana Legislature — search: succession.

3) Obtain required documents

Brokers and banks will require proof to release or retitle assets. Common documents include:

• Certified copies of the death certificate.
• If a small succession applies, the sworn affidavit used for small successions (or other local form) with required notarization and attachments.
• Letters testamentary, letters of administration, or court orders appointing a succession representative (for formal successions).
• Court order authorizing distribution or sale, if required by the court.

4) Appoint (or act as) the succession representative

If the estate requires a formal succession, the court will appoint a succession representative (often called an executor or administrator in other states). That representative receives official documents (letters) from the court. Brokers usually require a certified copy of those letters or a court order before they will move assets into an estate account or issue checks to the estate.

5) Get an EIN and open an estate checking account

To open an estate checking account in the deceased person’s name “in succession,” most banks require:

• An Employer Identification Number (EIN) for the estate from the IRS (an estate is a separate taxpayer for administration purposes). You can apply online at the IRS: Apply for an EIN (IRS).
• A certified death certificate and the court’s letters appointing the succession representative (or other proof under the small succession procedure).
• Identification for the person opening and controlling the estate account.

6) Work with the broker to transfer assets to the estate account

Once you have the estate account and the required documents, the typical broker workflow is one of the following:

1. The broker will liquidate securities (if instructed) and issue a check payable to the succession (estate) and send it to the succession representative or directly deposit to the estate checking account where allowed.
2. The broker will retitle the account into the name of the succession/estate (for example, “Estate of [Name], in succession, represented by [Representative]”) and then allow transfers into the estate checking account.
3. In some cases, the broker will transfer specific securities into a newly opened brokerage account titled in the name of the succession and then the succession representative can manage or sell those securities from that account.

Brokerage firms have internal policies and compliance rules. Expect them to require certified court documents (letters), a certified death certificate, and possibly an IRS EIN before making any transfer or retitling. Some brokers also charge a processing fee.

7) Special rules to watch for in Louisiana

• Small succession procedures can often avoid a full court-supervised succession for movable property and cash within statutory limits. If eligible, this can speed up transfers and reduce costs. Verify current limits and procedures with the parish court or an attorney.
• If the deceased owned community property or there are surviving spouses, Louisiana’s community property rules and forced heirship rules may affect distribution; those issues can influence what assets are available to transfer to the estate.
• If securities are in a brokerage account but registered in a trust or payable-on-death to a trust, those terms control outside succession.

8) Timing, taxes and reporting

Retitling and transferring can take days to weeks depending on the broker and whether court filings are required. The succession representative should keep clear records for accounting and tax reporting. The estate may need to file a final federal and state income tax return for the decedent, and potentially an estate income tax return for the estate. Capital gains basis adjustments and federal estate tax rules are federal matters; consult a tax professional for those issues.

9) When to consult an attorney

If the estate is complex, there are disputes among heirs, significant assets, or questions about creditor claims, getting a Louisiana attorney experienced in successions will help. An attorney can advise whether a small succession is appropriate, prepare and file necessary court pleadings, obtain letters, and communicate with financial institutions on your behalf.

Relevant statutory resources (where to check current law):

• Search Louisiana statutes for succession and probate-related provisions: Louisiana Legislature — succession search.
• For federal tax identification (EIN) information: IRS — Apply for an EIN.

Because statutes, thresholds, and court procedures may change, use the links above to locate the exact Louisiana Code articles and parish court rules that apply to your situation or contact a local attorney.

Disclaimer: I am not a lawyer. This is general educational information and not legal advice. For advice about a specific case, contact a licensed Louisiana attorney.

Helpful hints

• Get multiple certified copies of the death certificate early — brokers and banks often each want one.
• Call the broker’s deceased-account department first to ask for their exact document checklist and processing times.
• Ask whether beneficiary designations, TOD, or POD language already bypasses succession; you may not need to transfer the account to the estate at all.
• If using a small succession affidavit, check the current dollar limit and permitted property types with the parish court or statute search.
• Open the estate checking account after you have the EIN and whatever court letters or affidavit the bank requires; don’t use a personal account to hold estate funds.
• Keep a detailed inventory and copies of communications with the broker and bank, including dates and names of representatives.
• Consider a short consultation with a Louisiana succession attorney to confirm you are following the right procedure for your parish and circumstances.