Overview
Goldman Sachs / Marcus is the consumer banking division of Goldman Sachs, offering high-yield savings accounts, CDs, and personal loans primarily online. When an account holder passes away, the estate representative must notify Marcus to freeze the account and initiate the transfer process.
This guide covers the estate process for Marcus by Goldman Sachs (consumer deposits/loans) and touches on Goldman Sachs Asset Management (investments). Because Marcus is an online-only bank, the process relies heavily on phone communication and mail rather than branch visits.
Note: Marcus handles joint accounts differently than many traditional banks—often closing the account and transferring funds to a new account for the survivor rather than just removing the decedent's name.
This guide provides informational guidance only. It is not legal advice, and SwiftProbate is not a law firm. Laws and institutional procedures change — verify current requirements directly with Goldman Sachs / Marcus and consider consulting a qualified attorney.
Notification Process
How to Notify Goldman Sachs / Marcus of a Death
Step 1: Gather Initial Information
Before contacting Marcus, have the following ready:
- Decedent's full legal name and date of birth
- Date of death
- Social Security number
- Account numbers (Savings, CD, or Loan IDs)
- Your name and relationship to the decedent
- A certified copy of the death certificate (you will need to mail this later)
Step 2: Call the Customer Care Team
Marcus does not have a direct "Estate Services" line published; you must call their main customer care line and ask for the estate or bereavement team.
- Phone: (855) 730-7283
- Hours: 24 hours a day, 7 days a week
For Investment Accounts (GSAM):
If the decedent held investment funds directly with Goldman Sachs Asset Management, call (800) 526-7384.
When you reach an agent, they will:
- Verify the decedent's identity
- Place a deceased flag on the account(s), which freezes all activity (including automatic transfers)
- Provide a case number or reference number
- Explain the specific documents needed based on the account type
- Confirm the mailing address for your specific case
Step 3: Submit Required Documents
Mail the required documents (typically a certified death certificate and an affidavit or claim form) to the address provided by the agent.
Standard Mailing Address for Deceased Depositor Documents:
Goldman Sachs Bank USA
Attn: Official Document Review
11850 S. Election Rd.
Building 9
Draper, UT 84020
Note: Always verify the address with the agent, as it may differ for loans or specific investment products.
Step 4: Wait for Processing
After Marcus receives your documents, expect:
- Document review: 5–10 business days
- Account closure/transfer: 1–2 weeks after approval
Step 5: Receive Funds / Transfer Assets
Once approved:
- Joint owners may receive a check or have funds moved to a new Marcus account.
- Beneficiaries will typically receive a check or wire transfer.
- Estates will receive a check made payable to "The Estate of [Decedent]".
Required Documents
Documents Goldman Sachs / Marcus Requires
The exact documents depend on account type and state laws.
Always Required
| Document | Details |
|---|---|
| Certified death certificate | Original certified copy (usually returned upon request) |
| Government-issued photo ID | Copy of driver's license or passport of the requestor |
| Letter of Instruction | A signed letter stating your request (e.g., "Close account and send funds to...") |
If There Is a Will (Testate Estate)
| Document | Details |
|---|---|
| Letters Testamentary | Court-issued document appointing the Executor (dated within 60–90 days) |
| EIN (Employer Identification Number) | For the estate (required to open an estate account or receive interest) |
If There Is No Will (Intestate Estate)
| Document | Details |
|---|---|
| Letters of Administration | Court-issued document appointing the Administrator |
| EIN | For the estate |
Small Estate (Below Probate Threshold)
| Document | Details |
|---|---|
| Small estate affidavit | State-specific form for estates below a certain value (check state probate guides) |
Beneficiary / POD / TOD Accounts
| Document | Details |
|---|---|
| Certified death certificate | Primary requirement |
| Affidavit of Domicile | May be required for investment accounts |
| W-9 Form | For the beneficiary to certify their tax ID |
Trust Accounts
| Document | Details |
|---|---|
| Trust Certification | Proving the successor trustee's authority |
| Successor Trustee ID | Copy of government-issued ID |
Account Types
How Goldman Sachs / Marcus Handles Different Account Types
Joint Accounts (JTWROS)
Unlike many banks that simply remove the deceased owner's name, Marcus often closes the joint account upon notification of death. The funds are then transferred to a new account in the surviving owner's name or sent via check.
Timeline: 1–2 weeks after document receipt
POD (Payable on Death) / TOD (Transfer on Death) Accounts
Accounts with named beneficiaries bypass probate. Beneficiaries must submit a death certificate and ID. Funds are typically distributed via check.
Timeline: 2–4 weeks
Individual Accounts (Probate Required)
If no beneficiary is named, the account becomes part of the estate. The Executor or Administrator must provide Letters Testamentary or Letters of Administration to claim the funds.
Timeline: 3–6+ months (depending on probate court speed)
Certificates of Deposit (CDs)
Death of an account holder is typically a qualifying event to waive early withdrawal penalties for CDs. The estate or beneficiary can choose to liquidate the CD immediately without penalty or hold it to maturity.
Timeline: 2–4 weeks
Personal Loans
The estate is responsible for the outstanding balance. The debt is generally paid from estate assets. If there are no assets, the debt may be written off, but family members are generally not personally liable unless they were a co-signer.
Timeline: Settled during estate administration
State Considerations
How Your State Affects the Process
Goldman Sachs / Marcus operates nationally, but probate laws are state-specific.
- Small Estate Affidavits: If the total estate value is small (e.g., under $50,000 or $100,000 depending on the state), you may be able to use a Small Estate Affidavit instead of formal probate.
- Community Property: In states like CA, TX, and WA, surviving spouses may have rights to half of the account value even if not named on the account.
- Inheritance Taxes: Some states (like PA, NJ, MD) have inheritance taxes that may require a tax waiver before funds can be released.
Key State Variations
| State | Small Estate Threshold | Community Property? | Notable Rules |
|---|---|---|---|
| California | $184,500 | Yes | 40-day waiting period for affidavits |
| Texas | $75,000 | Yes | Affidavit of Heirship often used |
| New York | $50,000 | No | Voluntary Administration for small estates |
| Florida | $75,000 | No | Summary Administration available |
For detailed probate requirements, see our state and county probate guides.
Timelines
How Long Goldman Sachs / Marcus Takes to Release Funds
| Account Type | Estimated Timeline | Key Factor |
|---|---|---|
| Joint account | 1–2 weeks | Account often closed & reopened |
| POD/TOD beneficiary | 2–4 weeks | Verification of beneficiary ID |
| Small estate affidavit | 4–6 weeks | Review of state-specific forms |
| Probate (simple estate) | 3–6 months | Court appointment process |
| Probate (complex estate) | 6–12+ months | Tax waivers, disputes, or large assets |
Note: Timelines start after Marcus receives all correct documents.
Tips & Pitfalls
Common Pitfalls and Tips
Account Closure for Joint Owners
Be prepared for the joint account to be closed rather than just renamed. Ensure you have alternative banking arrangements for automatic bill payments that may be linked to that account.
Do Not Use Online Banking
Do not log in to the deceased's online account to move funds after death. This can be flagged as fraud. Always go through the official notification process.
Interest Accrual
Savings accounts and CDs typically continue to earn interest until the date of closure/transfer. Ensure the estate obtains a final tax statement (1099-INT) for the decedent's final tax return.
Keep the Case Number
When you first call, write down the Case Number or Service Request Number. You will need this for every follow-up call to track the status.
Mail via Certified Mail
Always send original documents (like death certificates) via Certified Mail with Return Receipt. This provides proof of delivery to the Draper processing center.