Louisiana Joint Brokerage Account Laws

In accordance with Louisiana Revised Statute 9:1421, the surviving spouse of the recently deceased may withdraw funds contained in a joint brokerage account prior to an official legal judgment or appointment of an account administrator.

Initial Requirements

A joint brokerage account is a financial arrangement made in the names of two spouses and it is registered as community property. This account traditionally requires the signature of both parties to transfer, assign, or redeem a security. The spouse seeking to access these funds must have met these requirements before the death of their spouse to receive them after the fact.

The Surviving Account Holder's Legal Options

Upon the death of their spouse, the surviving account holder can sell or transfer up to 50% of the value of each asset in the joint brokerage account. The value of these assets is to be determined by a broker or securities firm after the death of the other spouse. Additionally, the surviving account holder can only withdraw funds before the appointment of an estate executor. Once this action occurs, the surviving spouse will only have access to the funds after probate is completed.

Helping My Clients Protect Their Assets

At Law Office of Wendra J. Moran, my extensive estate planning experience allows me to help my clients create an effective joint brokerage account. With my help, you can ensure your account is under the names of you and your spouse, which will help either of you access the funds should the other pass away.

To schedule your appointment, call my office at (225) 228-4445 or fill out my online contact form.

Categories: