# Legality... Can an investment company open an account in my name without consent? **URL:** \ **Category:** In My Humble Opinion\ **Created:** [September 16, 2017, 5:17pm UTC](https://boards.straightdope.com/t/legality-can-an-investment-company-open-an-account-in-my-name-without-consent/796483 "2017-09-16T17:17:00Z")\ **Posts on this page:** 7\ **Page:** 1
**Author:** ![Khendrask](https://avatars.discourse-cdn.com/v4/letter/k/3e96dc/32.png) [@Khendrask](https://boards.straightdope.com/u/Khendrask)\ **Post date:** [September 16, 2017, 5:17pm UTC](https://boards.straightdope.com/t/legality-can-an-investment-company-open-an-account-in-my-name-without-consent/796483/1 "2017-09-16T17:17:00Z")
Mods: Obviously, feel free to move this if it doesn’t fit in GQ Details… My mother died a few months ago, and had two IRA’s. I informed both of the investment companies about her death. Company A sent me a condolence letter, an information packet, and a form to fill out to disperse the funds in the account. They gave me the option of rolling it over, or taking the money out as a disbursement, as long as I checked the proper boxes and allowed them to withhold federal and state taxes. I sent back the form, the paperwork they required, and a week later, the money was in the bank. Company B sent nothing. After repeated phone calls, they have still sent nothing. Not one letter, form, instructions, just… nothing. They have promised to return calls, and on the third one, finally gave me a case number. I did send in the death certificate, and the PR letter, and several letters requesting information. Now, yesterday, after me calling them again, I am informed that they have opened an account with them in my name, and the funds will be transferred to that account. I told them that I never agreed to that, and have never signed anything (indeed, never received anything) from them. The representative explained that “This is required by the law. This is how all such claims are handled”. She also stated that I would probably be receiving a letter with my account information sometime next week, but she could put me through to the “Members” department if I wanted to receive my account number now. I’m going to wait for the letter. Legal question: Is this even legal? Or is it strikingly familiar to Wells Fargo? Financial question: Since it sounds as if this is being handled as a pure roll-over, am I going to have a more serious tax hit on taking the money out? Thanks for reading. ---
**Author:** ![friedo](https://avatars.discourse-cdn.com/v4/letter/f/8edcca/32.png) [@friedo](https://boards.straightdope.com/u/friedo)\ **Post date:** [September 16, 2017, 6:06pm UTC](https://boards.straightdope.com/t/legality-can-an-investment-company-open-an-account-in-my-name-without-consent/796483/2 "2017-09-16T18:06:34Z")
Are you the named beneficiary of the IRA at Company B, or does it belong to your mother’s estate? If the former, the rules for setting up the inherited IRA account are complex and largely out of your control. Once it’s set up, though, you can transfer it from Company B to any other custodian. You will be responsible for withdrawing minimum required distributions from the IRA each year. ---
**Author:** ![Khendrask](https://avatars.discourse-cdn.com/v4/letter/k/3e96dc/32.png) [@Khendrask](https://boards.straightdope.com/u/Khendrask)\ **Post date:** [September 16, 2017, 8:25pm UTC](https://boards.straightdope.com/t/legality-can-an-investment-company-open-an-account-in-my-name-without-consent/796483/3 "2017-09-16T20:25:49Z")
I was designated beneficiary on both IRA’s. ---
**Author:** ![samclem](https://avatars.discourse-cdn.com/v4/letter/s/a9a28c/32.png) [@samclem](https://boards.straightdope.com/u/samclem)\ **Post date:** [September 16, 2017, 9:57pm UTC](https://boards.straightdope.com/t/legality-can-an-investment-company-open-an-account-in-my-name-without-consent/796483/4 "2017-09-16T21:57:24Z")
We prefer that real life legal/medical questions be started in IMHO rather than General Questions. I’'ve moved it so. **samclem** , moderator. ---
**Author:** ![samclem](https://avatars.discourse-cdn.com/v4/letter/s/a9a28c/32.png) [@samclem](https://boards.straightdope.com/u/samclem)\ **Post date:** [September 16, 2017, 10:07pm UTC](https://boards.straightdope.com/t/legality-can-an-investment-company-open-an-account-in-my-name-without-consent/796483/5 "2017-09-16T22:07:05Z")
UGH! Wells Fargo. My Mom died a few years ago and we had similar(but not exactly the same) issues. Guss who–Wells Fargo. Took months of run around. Wells Fargo-The Bank who opens account in your name that you don’t even know about. I’d hire a lawyer in your state and pay for their advice. ---
**Author:** ![jasg](https://avatars.discourse-cdn.com/v4/letter/j/f0a364/32.png) [@jasg](https://boards.straightdope.com/u/jasg)\ **Post date:** [September 17, 2017, 12:01am UTC](https://boards.straightdope.com/t/legality-can-an-investment-company-open-an-account-in-my-name-without-consent/796483/6 "2017-09-17T00:01:23Z")
> [@Khendrask](#): > > I was designated beneficiary on both IRA’s. There is a wealth of information on inherited IRAs - here is one. > **[Inherited a Roth IRA? Here's What You Need to Know About Rules, Taxes, and...](https://www.fool.com/retirement/plans/roth-ira/inherited/)** > > If you have just inherited a Roth IRA from your parent, spouse, or non-spouse, here are the rules for taxes and beneficiaries you need to know. Short answers are: 1. As noted, opening an ‘inherited’ IRA for you is probably fine and might protect you from some IRS problems. 2. Taking the money out can leave you with a huge tax bill when compared to taking it out over a few years or your lifetime (whatever is permitted). I wouldn’t waste money on a lawyer but talking to a fee-based financial advisor (not a broker) might be a good idea. ---
**Author:** ![jasg](https://avatars.discourse-cdn.com/v4/letter/j/f0a364/32.png) [@jasg](https://boards.straightdope.com/u/jasg)\ **Post date:** [September 17, 2017, 12:12am UTC](https://boards.straightdope.com/t/legality-can-an-investment-company-open-an-account-in-my-name-without-consent/796483/7 "2017-09-17T00:12:45Z")
Missed the edit window. Here is a better link. > **[Inheriting an account: How to inherit accounts | Vanguard](https://investor.vanguard.com/inheriting-accounts)** > > Inheriting a Vanguard account? Here's what you need to know to transfer the money from your loved one's account.