Customer Documentation
Before transferring assets from a deceased customer's individual account, the firm must receive which document?
Customer death: require death certificate first. Then letters testamentary/administration as needed.
Complete Analysis & Legal Rationale
A death certificate is required to verify the customer's death before any assets can be transferred from an individual account. Additional documents such as letters testamentary or letters of administration from probate court may also be required depending on the circumstances.
Distractor Autopsy (Why Other Options Are Traps)
FINRA exam writers design incorrect distractors using specific calculation mistakes and regulatory misconceptions. Review why each option succeeds or fails:
While an estate account may be opened, the death certificate must come first.
Notarized affidavits from family are not the primary requirement.
Attorney letters alone do not verify death; the death certificate is required.
Matches the verified teaching point in the explanation.
Official Standard: Outline-level citation pending rule-specific upgrade. Verify against current FINRA Series 7 outline.