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

[Heather de Vrieze]

Larry,

Attached are my notes that I keep at hand for these situations. Some or all of this generally ends up in a letter/email to the financial institution, sometimes closed out with "if you continue to insist that my client obtain letters testamentary they are prepared to move their accounts from your institution once they have obtained access."

It tends to work, but I have also had a few situations where they continued to insist.

Heather


Heather S. de Vrieze
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From: wsbarp-bounces at lists.wsbarppt.com <wsbarp-bounces at lists.wsbarppt.com> On Behalf Of laj-laws at juno.com
Sent: Friday, February 20, 2026 2:07 PM
To: wsbarp at lists.wsbarppt.com; solo-and-small-practice-section at list.wsba.org; elder-law-section at list.wsba.org
Subject: [WSBARP] Input re LPL Financial not honoring language in Comm.Prop.Agrmt of dec eased//freezing account


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), which
was 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-prong
Community 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, PLLC
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