How can your family member claim your investment account if you die?

  • Post category:FAQ
  • Post last modified:January 2, 2013
  • Post comments:0 Comments
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Here’s one useful information shared to us by a fellow investor.

Good day fellow investors. I noticed that when I applied to COL Financial there was no beneficiary portion in the application form so I emailed their helpdesk to ask how a family member could claim the account in case the account holder died. I have attached their response below. Hope this helps.

In the unfortunate event of the account holder’s demise, the following are the documents to be submitted by the surviving spouse/heir:
1. Death Certificate
2. Either one of the following:
2.1If with testate or intestate proceedings, a court order appointing the executor/administrator and authorizing him to close the account and collect the proceeds;
2.2 If without testate or intestate proceedings:
2.2.1 If there is only 1 heir – Affidavit of Self-Adjudication
2.2.2 If there is more than 1 heir – Deed of Extra-judicial Settlement of Estate
2.2.3 In either (i) and (ii), submit also proof of filing of the Affidavit or Deed, as the case may be, with the office of the register of deeds
3. Release, waiver, and quitclaim, holding COL free and clear from any action, claim or liability brought by third parties in relation to the closing of the account and release of the proceeds thereof
4. Proof of payment of estate tax or BIR Certification that the same is exempt from estate tax
5. Identification documents of surviving heirs (photocopy of 1 government issued ID, with picture and signature)


Surviving heirs may then open an account with us to transfer all stock and cash positions from the deceased client’s account to the surviving heirs’ account. Surviving heirs will have to submit identification documents and POB and accomplish account opening forms.”

There you go! So stay fit, eat healthy and be prepared!
Have fun investing (while you’re alive!)
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