How to move brokerage assets into an estate checking account in Mississippi

Short answer: Identify how the brokerage account is titled and whether a beneficiary or transfer-on-death (TOD/POD) designation exists. If the decedent left a TOD/POD beneficiary or the account was jointly owned with rights of survivorship, the broker may transfer the assets outside formal probate. If not, the personal representative (executor or administrator) will usually need letters testamentary or letters of administration from the Mississippi probate court to get the brokerage company to transfer or liquidate assets and deposit proceeds into an estate checking account.

Detailed answer — step-by-step under Mississippi law

1. Confirm account ownership and beneficiary designations. Review account paperwork and statements for these common features:
   • Joint tenancy with right of survivorship (JTWROS) — surviving owner usually inherits automatically.
   • Payable-on-death (POD) or transfer-on-death (TOD) designation — assets transfer to named beneficiary outside probate.
   • Named beneficiary (life insurance/retirement vs. brokerage) — brokerage accounts sometimes allow transfer-on-death beneficiaries.
   • Account solely in decedent’s name with no beneficiary — subject to probate.
2. If the account passes outside probate (JTWROS, POD/TOD, or named beneficiary):
   • Contact the brokerage, provide a certified death certificate, and follow the broker’s beneficiary claim process. The brokerage will provide its required forms and instructions.
   • If multiple beneficiaries or complex securities are involved, the broker may require additional documentation before distributing or retitling assets.
3. If the account is part of the probate estate: You will usually need probate authority before the brokerage will act. The common steps are:

4. Open a probate estate in the appropriate Mississippi probate court. File the decedent’s will (if any) and a petition for probate to be appointed as personal representative (executor) or for an administrator to be appointed. Mississippi probate rules and procedures are found under the Mississippi probate statutes; start with the state probate code and local county probate court’s instructions: Mississippi Code Title 91 (Estates, Trusts and Fiduciaries).
5. Obtain letters testamentary or letters of administration from the probate court. These court-issued letters prove your authority to act for the estate. Brokerage firms will typically require an original or certified copy of these letters plus a certified death certificate and personal identification before transferring assets or liquidating holdings.
6. Obtain an Employer Identification Number (EIN) for the estate. Once appointed, the personal representative should get an EIN from the IRS to use on the estate’s bank and brokerage accounts. Apply on the IRS site: IRS — Apply for an EIN.
7. Open an estate checking account in the estate’s name. Bring the certified letters, the estate EIN, a certified death certificate, and personal identification to a bank. Use the estate checking account to collect estate receipts and pay estate expenses, taxes, and distributions.
8. Request the brokerage transfer or liquidation. With letters and the estate EIN, ask the brokerage whether you should:
   • Retitle the brokerage account into the estate’s name (for example: “Estate of [Decedent], by [Personal Representative]”) so assets can remain invested; or
   • Sell the securities and issue a check payable to the estate, which you can deposit in the estate checking account.

   Brokerages may have their own forms and security-specific requirements. They may also require a court order if the account is subject to dispute or if state law mandates it.

Small estates and simplified procedures

Some states offer simplified procedures for small estates that let a person collect certain assets without full probate. Mississippi has procedures for small estates, and whether you can use them depends on the size and type of assets. Check Mississippi’s probate statute or speak to the county probate clerk to learn the current small-estate thresholds and forms: Mississippi Code Title 91.

Tax and accounting considerations

• Get records of all transactions and keep estate bookkeeping separate from personal accounts.
• Securities often receive a stepped-up (or stepped-down) basis at death; this affects capital gains tax when securities are sold. Consult a tax advisor.
• The estate may owe income tax on investment income earned by estate assets; file required estate income tax returns.

When you should contact an attorney

Hire a probate attorney if any of the following apply: the estate is large or complex; there are disputes among heirs or beneficiaries; the brokerage refuses to transfer assets; there are unclear beneficiary designations; or the personal representative needs help interpreting fiduciary duties and filing proper notices and tax returns. The probate clerk can help with form names and filing steps, but an attorney can help manage risks and deadlines.

Helpful Hints

• Get multiple certified copies of the death certificate early — brokers and banks usually require originals or certified copies.
• Ask the brokerage for a written checklist of its requirements for transferring or liquidating account assets.
• Apply for the estate EIN immediately after appointment so you can open the estate checking account and receive funds.
• Keep detailed records and receipts for all estate transactions.
• Do not commingle estate funds with personal funds — use the estate checking account for all estate inflows and outflows.
• If the brokerage offers to retitle accounts in the name of the estate, confirm how that will affect investment decisions and fees.
• Talk to your county probate clerk early — they can often provide local forms and guidance on filing.
• If you expect quick distributions to beneficiaries or a short administration period, selling securities and depositing proceeds into the estate checking account can simplify distribution, but consider tax consequences before selling.

Key Mississippi resources: General Mississippi probate statutes (Title 91): https://www.legislature.ms.gov/Pages/Statutes/Title-91.aspx. For probate court procedures and local rules, visit your county probate clerk or the Mississippi Judiciary: https://courts.ms.gov/.

Disclaimer: This article explains general information about transferring brokerage assets into an estate checking account under Mississippi law and is intended for educational purposes only. It is not legal advice. For guidance specific to your situation, consult a licensed Mississippi probate attorney or your county probate clerk.