What happens when an Endowus account holder passes away?
If an Endowus account holder passes away, the account will have to go through the proper probate process. UOB Kay Hian, our partner custodian, does not have a structure to nominate a beneficiary ahead of death.
A Grant of Probate or Letter of Administration will be required, where the administrator will either open a trading account for the estate of the deceased or update the existing account. Please note that the executor or administrator shall be the only person recognised by us in the event of an account holder's (for individual accounts) or both account holders' deaths (for joint accounts).
The following supporting documents are required:
Photocopies of the administrator(s) valid identity card/passport
Copy of Grant of Probate/Letter of Administration
We recommend that you open a joint account where appropriate. If one of the account holder passes away, the other joint account holder remains as the beneficiary of the joint account.