Your guide to Estate Settlements

We are here to help you navigate the Estate Settlement process:

• Ameriprise financial advisors are able to explain the various investments and products owned by the deceased. We encourage you to contact the deceased's Ameriprise financial advisor listed on their Ameriprise Client Statement to start the settlement process. Contact information for advisors can also be found on our website at https://www.ameripriseadvisors.com/.
• If you prefer, you may work directly with our Ameriprise corporate office by calling our customer service number 800.862.7919. Our trained professionals are available to assist you Monday through Friday, from 7 a.m. to 7 p.m. Central Time (CT).

• Contact the Ameriprise financial advisor listed on the Ameriprise Client Statement of the deceased to inform them of the death. Contact information can also be found on our website at https://www.ameripriseadvisors.com/.
• If you prefer, you may contact the Ameriprise customer service number at 800.862.7919. At the prompt, say "Estate Settlements" to report the death, and you will be connected to our Estate Settlement team.

• Name and account number(s) for the deceased.
• Date (day, month and year) of the death. This information is needed to calculate account values on the date of death.
• Name and contact information for the executor of the estate, or the person who is settling the estate.
• Name(s) and contact information of claimants or heirs who may inherit estate proceeds.
• Documents: certified death certificate copy, Ameriprise estate settlement claim form, new account paperwork for heirs, etc. Contact your Ameriprise financial advisor or the Ameriprise customer service number at 800.862.7919 for a complete list of the documents required as they may vary by product, ownership, state, etc.

Certain situations may affect how the Estate Settlement is paid, and could require additional documentation.

• A claimant is already deceased
• A claimant is under the age of 18
• A claimant has a fiduciary, such as a court-appointed Guardian/Conservator or Attorney-in-fact, who acts on their behalf
• The Estate of the deceased will not be going to Probate court, and the Executor would like to discuss alternate options.

Sharing this information does not prevent the settlement of the estate. However, it is important that we identify special situations early in the process to ensure a timely resolution.

In order to settle certain products and services for the estate it may be necessary to alert additional parties about your loss.

• For RiverSource insurance policies, contact their customer service team at 800.862.7919.
• For RiverSource Life Insurance Co. of New York products, contact their customer service team at 800.541.2251.
• For Ameriprise Bank, FSB products, contact their customer service team at 888.356.1006.
• For Ameriprise credit cards, contact the number on the back of the card.  The customer service team for Ameriprise Visa Signature® can be reached at 833.396.7253.
• For Ameriprise Visa® Debit Card, contact the customer service team at 888.356.1006.
• For Ameriprise Rewards Program accounts, contact the customer service team at 800.867.0843.
• For Ameriprise home lending accounts, contact the loan sub-servicer list on the account which may be Cenlar 888.477.6365 or Rushmore Loan Management 888.504.6700. 
• For insurance or annuity policies issued by a third party such as Nationwide Life or Northwestern Mutual that were purchased through an Ameriprise financial Advisor, contact the issuing company directly.
• For employer sponsored plans, such as 401(k) or profit sharing plans (PSP), contact the deceased's employer(s) or former employer(s).
• For assets held directly at a fund sponsor, such as Managed Futures, Real Estate Private Placements or Fund of Hedge Funds, contact the sponsor directly.
• For credit cards, contact the card company directly. Look for the contact number on the back of the card. 
• For individually owned assets for which no beneficiary was designated, contact the probate court for the area/state where the deceased lived. More information is available below under the topic "Probate."

Except in the case of co-owner or multiple owner situations, estate accounts will be restricted to prevent unauthorized activity until we receive the completed claim form and required documents in good order. Throughout this period the accounts are still associated with the deceased and may be subject to market fluctuation. Assets are not available to heirs or designated recipient(s) until documentation requirements have been fulfilled.

When documents are missing, or did not meet legal requirements, we’ll contact you to resolve the situation.

Once the claim form and required documents are received in good order, the settlement is processed within several business days. Often it is possible to settle just the portion for the person who sent in their completed forms and requirements. 

Note: There are a few products that cannot be sold or transferred until all the claimants’ materials are received in good order, since we are unable to split up or sell the investment in pieces. If this situation applies, we’ll let you know.

Some of the common factors that influence the settlement include:

• The type of financial product (stock, mutual fund, annuity contract, etc.), the unique features of that investment, and laws and regulations governing that investment.
• The ownership registration of the account. Some common examples of ownership are: individual, joint, and trust.
• The tax-qualified status of the account. For example, an account might be in a tax-qualified plan such as an Individual Retirement Arrangement (IRA) or 403(b) Tax-Sheltered Annuity or Custodial Plan.
• The role that the deceased had on the account. Examples may include owner, co-owner, plan participant, and trustee.

• When an account is owned by multiple people, such as joint tenants with rights of survivorship or a trust with multiple co-trustees, the surviving owners often, (though not always), maintain access to conduct the same types of transactions after the death of a co-owner/trustee as they were able to prior to their death.
• In all other situations, the assets remain in the existing accounts until the completed Estate Settlement Claim form(s) and other required documents are received at Ameriprise corporate offices in good order. Prior to the receipt of all required documents, the assets cannot be accessed by the claimant(s). The completed materials, in good order, legally establish the claim on the account(s) or asset(s).

Except in the case of co-owner or multiple owner situations (mentioned above), accounts will be restricted to prevent unauthorized activity until we receive the completed claim form and required documents in good order. Throughout this period the accounts are still associated with the deceased and may be subject to market fluctuation. Assets are not yet available to the recipient(s) until requirements are fulfilled.

If documents remain outstanding, or did not meet legal requirements, we’ll contact you to resolve the situation.

• If you are working with an Ameriprise financial advisor he or she can help submit documents to our corporate office for processing. For claims with RiverSource Life annuity or insurance accounts in New York, Ameriprise financial advisors cannot submit documents to our corporate office due to state regulations. Claimants will need to submit the documents to RiverSource Life.
• If you are mailing the materials yourself, place the Estate Settlement claim form and the required documents together in one envelope. Include the deceased's name, an identifier such as an Ameriprise client ID number, and the submitter's name and contact information on documents you send. Our mailing address is:
  Ameriprise Financial Services, Inc.
  70100 Ameriprise Financial Center
  Minneapolis MN 55474

If items are missing, or did not meet legal requirements, we'll contact you to resolve the situation. Keep in mind that the form and requirements list can be impacted by unique or extenuating situations, such as those listed under the heading "Inform us of unique situations."

Once the claim form and required documents are received in good order, the settlement is processed within several business days. Often it is possible to settle just the portion for the person who sent in their completed forms and requirements.

There are a few products that cannot be sold or transferred until all the claimants' materials are received in good order, since we are unable to split up or sell the investment in pieces. If this situation applies, we'll let you know. Once all materials from all claimants are received in good order, processing typically takes only a few days.

Estate Settlement proceeds are often placed in a new account in the name of the claimant, to support tax reporting and establish correct ownership. From that point forward the recipient(s) may treat the account and proceeds as their own, investing or disbursing as allowed by the product.

Some insurance and annuity contracts allow money to be distributed in other ways, such as receiving a check directly from the deceased's account, or receiving ongoing payments. If these options are available, the Death Claim Statement form will provide choices for selection.

If the deceased held a role on the account such as trustee or plan administrator, a distribution may not be warranted. It may only be necessary to update or remove the deceased as a trustee or plan administrator. We will notify you if this kind of update is needed.

The claimant of an investment account, is inheriting the investments in the account (such as mutual fund shares, stocks or bonds), but not the account itself. The securities in the investment account must be re-registered or transferred into the ownership of the recipient before they can be liquidated.

The deceased may have had instructions associated with their account(s) that permitted scheduled purchases or distributions such as an annual transfer of money between Ameriprise accounts, or incoming purchase(s) from the deceased's bank account or employer paycheck.

• If the account was jointly held with rights of survivorship, the surviving owner(s) may elect to continue or stop scheduled activity, as desired.
• In all other cases, the scheduled arrangements will be stopped to prevent further activity once Ameriprise is notified of the death. Note: If a check was issued after death, we may need to cancel or reissue the check.

Some brokerage accounts have banking features associated with the account, such as the ability to write checks or pay bills online using account proceeds.

• If the account was jointly held with rights of survivorship, the surviving owner(s) may elect to continue or stop these features, as desired.
• In all other cases, the features will be stopped to prevent further activity once Ameriprise is notified of the death.

Probate is a term used to describe the legal process of transferring the property of the deceased's Estate to those who will inherit. During this process a Will (if one exists) is reviewed before a court of law. An executor or administrator is appointed by the court to manage and distribute the deceased's property as defined by the Will and/or by state law. Different states may have different requirements regarding Probate.

To determine if an Estate needs to go through Probate consult an attorney or the county or state Probate court for the area where the deceased lived. A telephone number for the Probate court is usually available in the county or state government listings of the phone book, or through an internet search. Questions about the Probate court process should be discussed with an attorney.

For Ameriprise to be able to legally recognize the authority of an Executor, Personal Representative or Administrator, a copy of the court order, bearing an official court seal or signature of the Probate court judge, must be provided. Once the court order is received the Executor, Personal Representative or Administrator may provide instruction regarding the handling of the deceased's assets.

Certain types of ownership registrations, by their nature, define how the assets must transfer after death and do not have to pass through Probate, as follows:

Consult with your attorney and the Executor of the estate to determine if any federal, state, and local taxes need to be paid. These taxes can include income tax, estate or inheritance tax, property tax, etc.

Tax withholding may be required on a settlement based on state and/or federal regulations or on federal withholding elections.

In some states you are required to obtain an estate or inheritance tax waiver from state tax authorities before assets in the deceased's account may be released.

Tax reporting may occur due to cost basis adjustments and tax consequences/considerations for both the estate and the claimants.

A decedent's final income tax return is due for the period covering January 1st to date of death. Income payable after date of death must be allocated to the deceased's Estate or the recipients of any non-Probate assets, as appropriate.

Remember Ameriprise Financial and its representatives do not provide tax or legal advice. Please consult with your tax advisor or attorney regarding specific estate tax issues.

Ameriprise offers a wide variety of investments. Some of the most common product types are listed below and are included for illustrative purposes only. 

• Age of Majority: In the United States the age of majority (legal adulthood) rules vary by state. If you or another claimant is under 18, contact us and we will review the situation and let you know if anything is needed, such as additional forms or signatures
• Beneficiary: This term is often used interchangeably with claimant. It refers to an individual or entity designated to receive death benefits.
• Beneficiary Designation: While still living, the deceased was able to designate one or more beneficiaries who would receive the proceeds of their Ameriprise account(s) or investment plan(s) after death. Often the beneficiary designation determines how assets must be distributed after death, unless other legal guidelines apply. If no beneficiary designation was made, a default designation may apply, according to the terms of the contract or custodial agreement.
• Claim: Refers to the process of notifying Ameriprise of a death and requesting payment according to the terms of the account.
• Claimant: A person or entity that has legal claim to something. In our communications to you the word 'Claimant' is used as a general term for those who have a right to claim the assets held in the deceased's accounts.
• Date of Death Value: The fair market value of the asset(s) on the date of death.
• Death Certificate: A legal document which lists the location, time, date, and manner of death for someone who has passed away.
• Distribution of account assets: The act of paying the assets to the beneficiary or claimant according to product and regulatory requirements.
• Estate: The assets owned by a person at the time if their death, which are to be distributed according to a Will or court ruling.
• Estate Settlement: Refers to the process of notifying Ameriprise of a death and requesting payment according to the terms of the account.
• Executor: Executor is a legal term for someone appointed by a Probate court to carry out the directions of a Will after death. Typically, the executor is responsible for taking the Will to Probate, obtaining information about potential heirs, collecting and arranging for payment of debts of the Estate, and ensuring Estate taxes are filed and paid.
• Heir: This term is often used interchangeably with claimant or beneficiary. It refers to an individual who will receive death benefits.
• Intestate: If the deceased did not make a Will, they are said to have died intestate, meaning "without testimony." This also means they did not name an executor. In situations where there is no Will, or if the executors named in a Will do not wish to act, an administrator may instead be appointed. The generic term for executors or administrators is "personal representative."
• Investments, Products, or Accounts: These terms are references to Brokerage, Annuity, Insurance, Certificate, Mutual Fund and other assets that a client might own through Ameriprise Financial.
• Minor age: "Minor" refers to a person who has not yet reached legal adulthood. When a minor reaches an age that legally qualifies them as an adult, they have reached the "age of majority."
• Notification of death: The act of notifying Ameriprise Financial of a client’s death.
• Probate: The court-supervised process of transferring the property of the deceased's Estate to his or her beneficiaries. During this process a Will is reviewed before a court of law, then an executor (if there is a Will) or a court-appointed administrator (if there is not a Will) manages and distributes the deceased's property as defined by the court or state law.
• Registration / Ownership: The title of an account, used to define legal rights of possession of an asset.
• Requirements: The paperwork and documentation needed to claim inherited assets.
• Settlement: The act of paying the assets to the beneficiary or claimant according to product and regulatory requirements.
• Spousal Continuation: As a result of the Deficit Reduction Act of 1984 (DEFRA), deferred annuities issued on or after 1/19/85 contain a provision allowing spouses the option of continuing the annuity contract, tax deferred. To qualify, the spouse must be named as the sole primary beneficiary, and the owner of the contract must be deceased.