[WSBARP] Input re LPL Financial not honoring language in Comm.Prop.Agrmt of dec eased//freezing account

[laj-laws at juno.com]

 Was wondering if any of you can help me/have suggestions regarding the following scenario: Client’s husband passed away and his Financial Account with LPL (Not an IRA or 401(k) or pension acct), whichwas jointly owned by the deceased and his surviving wife, had a beneficiary designation of Joint Community Property (not sure what that means, but it was NOT Joint tenants with rights of survivorship (JTWROS)). (They did not follow my instructions to make it JTWROS.) LPL is saying that we need to get Letters Testamentary before they will “unfreeze” the account.Of course, we can get the Letters Testamentary no problem, but Clients also executed a typical 3-prongCommunity Property Agreement  (CPA), which has been submitted to LPL, with the relevant language (cited below)specifically pointed out to them (LPL). The CPA in pertinent part states: “Upon the death of either of the parties thereto, all …property …shall become and be considered to be community property as the moment before the death of the first spouse to die. …Title to all described community property shall immediately vest in the surviving party.” LPL’s Estate Dept has said, in essence that they don’t care what the CPA says and that we need to to get Letters Testamentary from a Court before they’ll unfreeze the account. Anyone had success getting a brokerage house to accept the CPA and not require Letters T?
If so, how? Thank you in advance for any help you might provide. Regards,
Larry   LARRY A. JOHNSTONE, ATTORNEY AT LAW, PLLCWaterfront Park Building144 Railroad Avenue, Suite 203Edmonds, WA 98020Toll-free Number: (888) 878-4478      (you may leave a message after Six Long Rings)**Email: LAJ-LAWS at juno.com** (Best way to reach Larry is email)  THIS MESSAGE IS INTENDED ONLY FOR THE USE OF THE INDIVIDUAL OR ENTITY TO WHICH IT IS ADDRESSED, AND MAY CONTAIN INFORMATION THAT IS PRIVILEGED, CONFIDENTIAL, AND EXEMPT FROM DISCLOSURE UNDER APPLICABLE LAW.If the reader of this message is not the intended recipient,  or the employee or agent responsible for delivering the message to the intended recipient, you are hereby notified that any dissemination, distribution, forwarding, or copying of this communication is strictly prohibited. If you have received this communication in error, please notify the sender immediately by email or telephone, and delete the original message immediately.    
-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://mailman.fsr.com/pipermail/wsbarp/attachments/20260220/ce7fa482/attachment.html>