1. #1
    LongBall52
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    Probably Today's Weird Post ? (attorney helpfull)

    Can someone will you money that REQUIRES you to open a Brokerage account? I don't have many details as the broker, would not tell the amount. But there was a death in family and it took a long time supposedly because of covid to get through probate. The broker called me today and said the attorney needed information ..Since my sister and I don't speak at all, it may be awhile until, i get full details. But the broker in another state, says I will be required to open a brokerage account. Is this possible or my sister pulling a fast one?

  2. #2
    veriableodds
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    The person should of filed a beneficiary form , its like one of the first things you do when open account

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    LongBall52
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    Quote Originally Posted by veriableodds View Post
    The person should of filed a beneficiary form , its like one of the first things you do when open account
    My mother died and was sickly for several years .She was in a senior's home taken care of 24/7. She didn't even know who I was when I would call the last few months of life. All I received was a notice from the state where she died, that I was listed as a beneficiary, my sister the other and does not speak to me. She had her power of attorney authority for many years.

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    KnuckleHeadz
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    Get in contact with SBR very own Thomorino. Heís a high powered lawyer from Bermuda Triangle Law Firm. His record is strong across all boards.
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  5. #5
    KVB
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    Quote Originally Posted by LongBall52 View Post
    ...But the broker in another state, says I will be required to open a brokerage account. Is this possible or my sister pulling a fast one?
    It's very possible you need an account to transfer assets into but you could also see if the assets can be liquidated and a check sent.

    The need for an account probably means they didn't liquidate.

    Doesn't sound like an annuity and it doesn't sound like cash. Do you know what the investments are, even if you don't know the amount?

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  6. #6
    LongBall52
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    Quote Originally Posted by KVB View Post
    It's very possible you need an account to transfer assets into but you could also see if the assets can be liquidated and a check sent.

    The need for an account probably means they didn't liquidate.

    Doesn't sound like an annuity and it doesn't sound like cash. Do you know what the investments are, even if you don't know the amount?
    Possibly her home, but I was under the impression that it had been sold to pay the place (in advance) that she was living in.. It wasn't a nursing home.She had her own little apartment forawhile, but when she became sickly they had to move her into the hospital part of the place. When I look up her old address, all I see is some company name, which have never heard of. She had jewelry and odds and ends, I guess which I figured my sister taken long ago. She was almost 96 years of age and had been there about 5 years.

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    KVB
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    Quote Originally Posted by LongBall52 View Post
    ...I don't have many details as the broker, would not tell the amount. But there was a death in family and it took a long time supposedly because of covid to get through probate. The broker called me today and said the attorney needed information...
    Not sure what info is needed and it's possilbe the broker needs info from the attorney to move forward.

    But, if you have been verified by the broker, then he should be able to tell you any info you want to know, including amounts both taxable and non taxable.

    If it's your money now, just waiting to be transferred, then you have a right to the info.

    To tell you to open a brokerage account but not tell you why is not going to work, it's probably not even legal.

    Ask to see a statement.

    If it's property then you only need an account, perhaps, if it's in a trust or some other vehicle. It's been awhile since I've been in the business, I've been involved in sports instead.

    But if it's yours, they should be able to tell you what it is, but the broker may be waiting for info to verify you.

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  8. #8
    Bandit
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    Quote Originally Posted by KVB View Post
    Not sure what info is needed and it's possilbe the broker needs info from the attorney to move forward.

    But, if you have been verified by the broker, then he should be able to tell you any info you want to know, including amounts both taxable and non taxable.

    If it's your money now, just waiting to be transferred, then you have a right to the info.

    To tell you to open a brokerage account but not tell you why is not going to work, it's probably not even legal.

    Ask to see a statement.

    If it's property then you only need an account, perhaps, if it's in a trust or some other vehicle. It's been awhile since I've been in the business, I've been involved in sports instead.

    But if it's yours, they should be able to tell you what it is, but the broker may be waiting for info to verify you.
    Pretty simple. Ask if your are verified. If the answer is yes, then have them send you the document(s). If they refuse, then you'll have to suck it and get a lawyer. It's a game. Once you open that Bro Act comes their charges.

  9. #9
    LongBall52
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    Quote Originally Posted by Bandit View Post
    Pretty simple. Ask if your are verified. If the answer is yes, then have them send you the document(s). If they refuse, then you'll have to suck it and get a lawyer. It's a game. Once you open that Bro Act comes their charges.
    Thank you and also KVB!! I sent the brokerage firm representative an email late this afternoon asking for written information. Wish I had used the word "Verification". No answer yet, but he could be waiting on the attorney to get back to him. Kinda between a rock and a hard place. Actually had expected to get nothing as she wasn't really wealthy, but very conservative in her spending and savings. Since it's another state, where she died and the brokerage firm is there too, I fear an attorney might cost me as much or possibly more than an account charges. I could keep the account for a couple of months, I GUESS and say close it. This all depends on what it's worth. Hope to know sooon. Thanks again.

  10. #10
    KVB
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    If you do end up needing a borkerage acct just look online, schwab or TD will work fine and they aren't out to get you with fees.

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  11. #11
    mynameismud
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    Quote Originally Posted by LongBall52 View Post
    Can someone will you money that REQUIRES you to open a Brokerage account? I don't have many details as the broker, would not tell the amount. But there was a death in family and it took a long time supposedly because of covid to get through probate. The broker called me today and said the attorney needed information ..Since my sister and I don't speak at all, it may be awhile until, i get full details. But the broker in another state, says I will be required to open a brokerage account. Is this possible or my sister pulling a fast one?
    When I turned 35, I received a trust fund from my grandparents. I had to open a brokerage account so I opened one with Charles Schwab. Money was in my account within 24 hours of opening it. Some accounts require 5k, some donít so do your homework. Mine did require the 5k but luckily the trust fund was more than that so I never had to deposit my own money. Iím almost 50 and still have that schwab account. They have been good to me so I didnít see a reason for leaving. Hope this helps.

  12. #12
    LongBall52
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    I have absolutely zero information. Called the broker and he said I'll give the attorney your email address. The attorney did not even return my call. I don't get a good feeling at all.

  13. #13
    MinnesotaFats
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    Is the money set aside specifically in the will as to be 'held in trust' soas you don't blow it all?

    Otherwise, the probate representative has the discretion to bypass this requirement as he is the governing fiduciary. My guess is the probate attorney and PR would gladly sign off on this and write you the check.

  14. #14
    LongBall52
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    Fats: The HARDEST part for me is getting ABSOLUTELY NO INFORMATION. Probably they think I'm too poor to pay an attorney. If it was in the state where I live, would likely askk at attorney to investigate. But out of state makes it seem like a maze. Will just have to hope the mail brings me some info. Doesn't seem forthcoming on the phone or email.

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