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How do I properly change account ownership?

Unknown
Unknown Member
edited December 2018 in Investing (Windows)

I recently changed my Vanguard 500 account from joint over to my wife as sole ownership for estate purposes. What I did was 'remove shares' and then created a new account with my wife's data. The problems is that on the summary sheet the old account looks a like a long term loser and the new account has N/A data when in fact the only thing I did was change the ownership. What is the proper way to fix this? Thanks.

Comments

  • Unknown
    Unknown Member
    edited December 2016
    I suggest reverting to a recent backup from prior to your transferring shares and just leave it alone where it is.  Your wife's accounts are in the same file aren't they?   If they are in a different file, then she can create the account in her file and begin downloading from the same site.
  • Unknown
    Unknown Member
    edited October 2018
    I agree with Ron that is that best action, but I would like to point out that there is an action for moving shares between accounts, and if you really need to do it you need to use that not "remove shares", which basically just makes them vanish into thin air.

    Also for account ownership.  Ownership only matters in the case of 401Ks/403B/IRAs.  There is no concept of "joint" or "sole" ownership.
    And the reason for 401Ks/403B/IRAs is for tax reasons and for the lifetime planner to figure when you have to take out money.  And there is no way to change the ownership of these kind of accounts, just as there isn't any way to do it in real life.
  • Unknown
    Unknown Member
    edited December 2016
    QPW, again thanks for the additional input. Ron
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