COO Basics
This term describes when ownership of an account changes.
What is a Change of Ownership (COO)?
This document confirms that the account owner has passed away.
What is a death certificate?
Where in CRAVE can a representative find a client’s cost basis information?
What is under the Portfolio section?
A spouse beneficiary generally has these two options when inheriting an IRA from their deceased spouse.
What are assume and inherit?
This person is listed to receive the account after death.
Who is a beneficiary?
COO Primary can provide general information but cannot do this.
What is legal or tax advice?
This document may be needed if there is no beneficiary on file.
What is a CLOT
After an account owner passes away, cost basis is usually updated using this method.
What is a step‑up in cost basis?
This term is used when a beneficiary dies before the account owner.
What is predeceased?
If no beneficiaries are listed, assets generally go here.
What is the estate?
This digital tool is used to open new accounts for clients.
What is OAA?
What document is required for a third party to receive documents related to a decedent’s account?
What is a Letter of Authorization (LOA)?
A step‑up in cost basis is generally based on this date.
What is the date of death?
Under current rules, most designated beneficiaries have this many years to fully distribute an inherited IRA.
What is 10 years?
What information is required for decedent security.
What is the decedent’s first and last name, the last four digits of their Social Security number, and their full address? (Account Number)
Before processing an asset transfer, associates should consult this resource to identify the appropriate digital transfer tool.
What is the COO Navigation Tool (COO Nav Tool)?
What additional documentation is required when beneficiaries are listed by relationship?
What is a Beneficiary Identification (Bene ID) form?
This type of account typically does NOT use cost basis.
What is a retirement account (like an IRA)?
If no beneficiary is listed on an IRA, who is typically entitled to the assets?
What is a Spouse?
Why do we place a Notice of Death (NOD) on an account?
What is to alert the firm that the account holder has passed away and to prevent unauthorized activity while the COO process begins?
What resource tells us whether a COO call is in scope?
What is SSO triage?
Associates should be aware of ITW requirements when a decedent was a resident of one of these three locations.
What are Pennsylvania, New Jersey, and Puerto Rico?
If you suspect cost basis has not been stepped up correctly, this tool can be used to verify the cost basis information.
What is Buddy?
If a decedent did not take their full Required Minimum Distribution (RMD) for the year of death, these individuals are responsible for ensuring the remaining RMD is taken.
Who are the beneficiaries?
What type of case do we create when beneficiary changes are identified after the account holder’s death?
What is a COO Specialty Cases?