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There are two related functions associated with liquidation: You can pass manual entries into LQ Module to maintain additional entries into AR/AP LQ Module in the ‘Receivable/Payable Online’ screen.
You can invoke ‘Receivable/Payable Online’ screen by typing ‘LQDTRONL’ in the field at the top right corner of the Application tool bar and clicking on the adjoining arrow button.
Generally, no account activity (buying, selling, transfer of the account to another firm) can occur until legal authority is established and the new account is opened.
As with any new account, the process will include filling out a new account application that will require the beneficiary to provide some personal information and make certain decisions about the account.
Brokers use this information for several purposes, including learning about the new account owner and her financial needs, and meeting legal and regulatory obligations.
If you are a beneficiary opening a new account, expect to be asked to provide information such as your Social Security number, annual income and net worth, among other things.
You are not required to stay with the deceased person's firm or the broker who handled the account—and you should not be pressured to do so.
Once you enter the reference number of the LC in the Receivable Liquidation screen, the system automatically assigns a unique liquidation reference number to the component you are liquidating.
First, the brokerage firm will request a variety of documents.
Generally, this will include some or all of the following items, in a format prescribed by the firm: Required documents differ depending on the type of account the account holder has at his or her death.
You should also take time to get to know your broker and firm: use FINRA Broker Check to check out the background of an investment professional and firm.
Find out how the account is managed: ask about the firm's compensation fee structure and how buy and sell decisions are made.