Short answer

If the brokerage account belonged solely to the decedent and has no valid beneficiary or joint owner, the person appointed by the Surrogate’s Court (the executor or administrator) must present court-issued letters (letters testamentary or letters of administration), a certified death certificate, and an IRS Employer Identification Number (EIN) to the brokerage. After the brokerage accepts those documents, the firm will transfer, liquidate, or re-title assets and can deposit proceeds into an estate checking account opened in the estate’s name. If the account has a valid beneficiary designation (transfer-on-death) or a surviving joint owner, the assets usually pass directly to that beneficiary or joint owner without probate.

Detailed answer — step-by-step under New York law

1) Confirm how the account is titled and whether a beneficiary exists

• If the account is titled as joint with right of survivorship, the surviving owner generally continues to control the account.
• If the account has a transfer-on-death (TOD) or payable-on-death (POD) beneficiary designation, the brokerage will pay or transfer the assets to the named beneficiary upon proof of death—often without probate.
• If the account is solely in the decedent’s name and no beneficiary is effective, the asset is part of the decedent’s estate and normally must be dealt with through the Surrogate’s Court (probate or administration).

For more on New York estate law and probate generally, see the Estates, Powers and Trusts Law and the Surrogate’s Court Procedure Act: https://www.nysenate.gov/legislation/laws/EPTL and https://www.nysenate.gov/legislation/laws/SCPA

2) If assets pass outside probate (TOD/POD or joint accounts)

1. Contact the brokerage. Ask for their “decedent” procedures and the beneficiary-claim or transfer forms.
2. Normally provide a certified copy of the death certificate and a government ID for the beneficiary.
3. The firm may require a copy of the beneficiary’s Social Security number or other identity verification. Once approved, the firm will transfer or issue securities/cash directly to the beneficiary or into the beneficiary’s account.

3) If assets must go through probate/administration in New York

1. Locate the will (if any). If there is a will, the named executor must present the will to the Surrogate’s Court in the county where the decedent lived to be appointed. If there is no will, an interested person petitions for letters of administration.
2. Apply to the Surrogate’s Court for Letters Testamentary (if there is a will) or Letters of Administration (if intestate). The Surrogate’s Court issues official documents that show the fiduciary’s authority. See your county Surrogate’s Court pages via the New York State Unified Court System: https://www.nycourts.gov/courts/surrogates/
3. Obtain a certified copy of the death certificate from the appropriate vital records office.
4. Obtain an EIN for the estate from the IRS. Most brokerages and banks require an EIN for an estate account rather than the decedent’s Social Security number: https://www.irs.gov/businesses/small-businesses-self-employed/apply-for-an-employer-identification-number-ein-online
5. Open an estate checking account in the estate’s name (usually titled “Estate of [Decedent Name], by [Executor Name], Executor”), using the Letters and the EIN. Banks will also require the fiduciary’s ID and possibly a certified copy of the will.
6. Provide the brokerage with the Letters, certified death certificate, the estate’s EIN, and any required brokerage forms. Many firms will also request a current estate bank account number and the fiduciary’s ID. The brokerage will then transfer proceeds (or re-title assets) into the estate’s account or send checks payable to the estate and deposit them into the estate checking account.

4) Common brokerage requirements and practical points

• Brokerage firms differ. Expect requests for: certified death certificate(s), certified or court-issued Letters, a copy of the will (if probated), estate EIN, copies of account statements, signed transfer or liquidation forms, and a medallion stamp or signature guarantee for certain transfers.
• Some brokerages will let you transfer securities in-kind into the estate account; others will require liquidation. Ask about fees, hold periods, and tax reporting methods.
• Hold tax-sensitive sales until you have tax guidance if the portfolio has unrealized gains. Sales by the estate may trigger income tax obligations and capital gains considerations—consult a tax professional.

5) Timing and costs

Getting Letters from Surrogate’s Court typically takes several weeks or longer depending on the county and whether there are objections. Brokerages will not transfer estate assets until they are satisfied with the fiduciary documentation. Expect administrative fees, brokerage account fees, valuations, and small charges for certified copies and court filing fees.

6) If the estate is small

New York provides simplified procedures for small estates or for modest account balances in some situations. Brokerages may have their own de minimis thresholds and internal affidavit procedures to release funds without probate. Check with the brokerage and the county Surrogate’s Court to see what simplified options apply.

Helpful Hints

• Before contacting any firm, gather: certified death certificate copies, the decedent’s account numbers, the will (if any), and the decedent’s recent account statements.
• Call the brokerage’s “deceased account” or “estate” desk — they often have a checklist and can send required forms by email or mail.
• Open the estate checking account only after you have the Letters and the estate EIN — most banks insist on both.
• Ask the broker whether they require a medallion signature guarantee for transfers; banks and brokers sometimes require this and it can only be provided by approved financial institutions.
• Keep detailed records of all communications, transfers, and transactions from the date of death through estate closing. You will need them for accounting to beneficiaries and for tax filings.
• Check whether any estate tax filings are required in New York — rules can be different from federal tax rules. New York tax guidance: https://www.tax.ny.gov/pit/estate/
• If you expect disputes among beneficiaries, consider getting probate started quickly and consider legal counsel to avoid later complications.

When to consult an attorney or tax advisor

Consider legal help if:

• There is uncertainty about the will or rightful fiduciary;
• The estate is large, contains complex securities, or has potential estate or income tax issues;
• The beneficiary designations are contested or unclear;
• You face resistance from the brokerage or disputes with heirs.

For procedural and statutory background, see New York’s Estates, Powers and Trusts Law and the Surrogate’s Court Procedure Act: https://www.nysenate.gov/legislation/laws/EPTL and https://www.nysenate.gov/legislation/laws/SCPA, and the New York State Unified Court System’s Surrogate’s Court pages: https://www.nycourts.gov/courts/surrogates/

Disclaimer: This article explains general New York procedures and common brokerage practices. It is educational only and is not legal advice. Rules and firm requirements vary. For advice specific to your situation, consult a licensed New York attorney or a qualified tax professional.