1.

Update the Financial Account

1. Close the financial account. Enter a Closed date for the date you stopped managing the account.

   We recommend that you do not remove the account from the reporting group. The account's continued presence will provide important context for performance and transaction data.

2. If it's your best practice, consider marking the account with a ZZ prefix to indicate the account is no longer active.

   For clear identification, Tamarac automatically marks closed accounts Closed in the Find Data For list. On the Accounts page, the Reconciliation Status column indicates Closed and Linked.

3. Check that the account is reconciled. If it is not, complete the reconciliation process to ensure holdings records are accurate.

4. Clear Allow Rebalancing so the closed account is excluded from future rebalancing considerations.

5. Adjust custom fields to prevent the account from being included in future searches based on custom fields.

2.

Update Reporting Group Settings

If the assets remain under your management: No action necessary.

If the assets are no longer under your management:

1. Set Closed date for the reporting group.

2. If it's your best practice, consider marking the reporting group with a ZZ prefix to indicate the group is no longer active.

   For clear identification, Tamarac automatically marks closed groups Closed in the Find Data For list.

3. Adjust custom fields to prevent the group from being included in future searches.

3.

Resolve Billing Issues

1. Enter the Billing closed date. This will help with refunds if you bill in advance.

2. Your firm may choose not to bill on the period when you did not have access to manage the account. In this case, process a refund for the deceased client's account if you bill the client in advance.

3. Run the invoice for the final period during which the account was open. Save the invoice.

4. If the assets remain under your management: Remove the deceased client's account from the billing group. For more information on billing groups, see Create, Edit, or Delete a Billing Group.

   If the assets are no longer under your management:Delete the billing group.

You cannot run an invoice on a deleted billing group.

Billing history will remain on the Billing History page for the deleted group.

4.

Confirm Cost Basis Step-Up

If the assets remain under your management: Once all transactions are complete with the custodian, contact your Tamarac service team to ensure they complete a cost basis step-up in for the account that received the assets. For more information, see Cost Basis Offering for Tamarac Reporting.

If the assets are no longer under your management: No action necessary.

5.

Review Account Sets

Consider whether you have any account sets that you'd like to remove the account from. For example, if you have Schwab Accounts account set, you might want to remove the account. For more information, see Group Accounts Into Account Sets.

If you remove an account from an account set, it will be excluded from any reports run on historical date periods, as well as from future reports.

6.

Update the Client Portal

If Continued Portal Access is Desired: Enable portal access for the spouse or appropriate party, such as estate executor. This may be helpful if the family needs to access account information.

If access is no longer necessary: Disable portal access.

7.

Update the Household Settings

If the assets remain under your management: No action necessary.

If the assets are no longer under your management: Mark the Household with a ZZ prefix in the Household Name to indicate the Household is no longer active.

8.

Update Primary Ownership

For firms using the Net Worth report or the Salesforce integration, the deceased client may have been designated as the primary owner on assets, liabilities, or accounts. Consider updating Primary Owner throughout Tamarac if you know who will take over ownership.

9.

Update Integrations

If you have integrations, you may have to update some of the data.

For example, consider changing the Client Status if the client who passed was marked as primary for a MoneyGuide integration. Similarly, Yodlee linked accounts may unlink as third parties disable the deceased client’s account.

For more information about available integrations, see Learn More About Tamarac Reporting Integrations.