This section explains, in plain language, what to do in Oregon when a decedent’s brokerage assets must be brought under the estate’s control and deposited into an estate checking account so the personal representative can pay bills, file taxes, or distribute funds.

How transfer of brokerage assets typically works in Oregon

Who gets control of brokerage assets after someone dies depends on how the account is titled and whether a beneficiary designation exists. Common outcomes:

• Accounts with a beneficiary designation (e.g., Transfer on Death / TOD or Payable on Death / POD) usually pass directly to the named beneficiary outside probate. The brokerage will require a death certificate and an inheritance-claim form from the beneficiary.
• Joint accounts with rights of survivorship typically pass to the surviving joint owner automatically.
• Accounts titled solely in the decedent’s name with no beneficiary designation usually become part of the probate estate. The person appointed by the probate court (personal representative or administrator) must obtain legal authority from the court to manage or liquidate the account and deposit proceeds into an estate checking account.
• Accounts owned by a trust pass under the trust terms; the successor trustee follows the trust document and provides trust documentation to the broker.

When probate is required and how to get authority

If the brokerage account is part of the probate estate, the personal representative will need authority from the probate court. In Oregon, the probate process and the duties of a personal representative are governed by state probate law and the court system. You can find general probate information on the Oregon Judicial Department site: https://www.courts.oregon.gov/services/Pages/probate.aspx. For the statutory framework for probate and administration, see the Oregon Revised Statutes (probate provisions) at: https://www.oregonlegislature.gov/bills_laws/Pages/ORS.aspx.

1. File the appropriate probate papers. The personal representative (named in the will) or an interested person files a petition with the county probate court for appointment. The court issues Letters Testamentary (if there is a will) or Letters of Administration (if no will), which are the written proof of the representative’s authority.
2. Obtain certified copies of the death certificate and the Letters. Brokerages always require an official death certificate. Most also require a certified copy of the court-issued Letters to prove the personal representative’s authority to act for the estate.
3. Contact the brokerage and follow its estate-account checklist. Each firm has its own procedures. Common brokerage requirements include: death certificate, certified Letters, broker-specific estate account forms, an account inventory, and signature(s) of the personal representative.
4. Open an estate checking account. Open an account titled in the estate name (e.g., “Estate of [Decedent], by [Personal Representative], Personal Representative”). Use this account to receive liquidation proceeds and to pay estate expenses and taxes. The estate bank will also want the court Letters and death certificate.
5. Transfer or liquidate the brokerage account per court authority and brokerage policy. Once the brokerage accepts the Letters and required documents, it will either transfer securities to an estate brokerage account, sell securities and transmit cash to the estate checking account, or transfer ownership as directed by beneficiary designation or court order.
6. Account for and document all transactions. Keep records of all transfers, sales, and distributions. The personal representative has a fiduciary duty to the estate and beneficiaries to retain full records and accountings as required by Oregon probate rules.

Special situations

• Transfer-on-Death (TOD) or beneficiary-designated accounts: If a beneficiary is named on the brokerage account, the broker will typically transfer assets directly to that person after seeing a death certificate and a beneficiary claim form. These assets generally do not become estate property unless the beneficiary is deceased or the designation is invalid.
• Retirement accounts and IRAs: These follow beneficiary-designation rules and have distinct tax rules. They often cannot simply be cashed out without income tax consequences. Consult a tax advisor or attorney before liquidating such accounts for the estate.
• Small estates and simplified procedures: Oregon provides simplified procedures in some counties for small estates or when the estate’s assets fall below certain thresholds. The court or the Oregon Judicial Department website explains whether a simplified route is available in your situation: https://www.courts.oregon.gov/services/Pages/probate.aspx.

Typical timeline

Timelines vary. Contacting the broker and producing the death certificate may allow a beneficiary or surviving joint owner to get assets quickly (days to a few weeks). If probate is required, appointment of a personal representative and gathering necessary documents often takes several weeks to a few months, depending on court schedules and whether complications arise.

Who should you contact for help?

If you are unsure whether an account is part of probate or which steps to take, contact:

• The brokerage’s estate or trust department (they will list required forms).
• The clerk of the local county probate court for filing instructions and forms.
• An Oregon estate or probate attorney when matters are contested, complex, involve tax issues, or when you want help with court filings.

Helpful Hints

• Gather these documents before contacting the broker: certified death certificate(s), the will (if any), certified Letters (once issued), recent account statements, and any beneficiary forms you find.
• Ask the brokerage for their estate checklist and exact document list—requirements vary by firm.
• Don’t move or spend estate assets until you have authority from the court or the brokerage accepts the personal representative’s documentation.
• If immediate bills need payment, ask the bank or broker about interim options; some institutions will allow limited disbursements for funeral or urgent expenses with proof of authority.
• Keep detailed, dated records of every call, email, and transaction. These records protect the personal representative from future disputes.
• Consider tax consequences before selling appreciated securities in brokerage or retirement accounts. A CPA or tax attorney can advise whether selling now or later makes sense for the estate.
• If there is no will and multiple heirs claim the account, talk to the probate court or an attorney to avoid distributing assets incorrectly and facing personal liability.
• Explore whether a simplified small-estate process applies—this can save time and fees in the right circumstances. See the Oregon Judicial Department probate resources: https://www.courts.oregon.gov/services/Pages/probate.aspx.

Next practical step: Call the brokerage’s estate department and ask for a written checklist. Simultaneously contact the county probate clerk to learn the local process for opening probate or obtaining Letters. If you expect disputes or complex tax issues, schedule a consultation with an Oregon probate attorney.

Disclaimer: This article is for general informational purposes only and is not legal advice. It does not create an attorney-client relationship. For advice specific to your situation, consult a licensed Oregon attorney experienced in probate and estate administration.