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Lsut81
USA Fan
Member since Jun 2005
66254 posts

Re: Inheritance Question; Edward Jones

Need some advice whether I am about to get screwed or not.

Long story short, I have inherited some stock... The stock is held in an Edward Jones account. I have the probate and it is in the hands of the Edward Jones person.

I want to cash it out or transfer it to my Scottrade account. The advisor is telling me I cannot directly do this. I have been told I need to

1) Pay $100 to open an account
2) Stock will then be transferred into my account
3) Pay $95 in order to have shares transferred to Scottrade.

Questions:
1) Is this how it really works?
2) Why couldn't I have them dissolve the stock and cut me a check (Although, I'd prob be charged the 1-3% commission for doing so)
3) Is there likely a fee to close the account after I transfer this stuff out?

Something doesn't seem right and there isn't a national customer service in order to clarify this.

TIA


Janky
LSU Fan
Team Primo
Member since Jun 2011
11172 posts

re: Re: Inheritance Question; Edward Jones
quote:

1) Pay $100 to open an account


frick that!
quote:

2) Stock will then be transferred into my account


Pretty typical

quote:

3) Pay $95 in order to have shares transferred to Scottrade.


frick that. It is probably a closing fee and not a transfer fee. In that case that is pretty standard.

You can probably have the executer sell the stock in the estate account and have a check cut to you as a third party request. At the very least they can cut the check to the estate and then the executer can write you a check.


Lsut81
USA Fan
Member since Jun 2005
66254 posts

re: Re: Inheritance Question; Edward Jones
quote:

You can probably have the executer sell the stock in the estate account and have a check cut to you as a third party request. At the very least they can cut the check to the estate and then the executer can write you a check.


I'm the executor of the estate...

This post was edited on 5/8 at 10:31 am


Janky
LSU Fan
Team Primo
Member since Jun 2011
11172 posts

re: Re: Inheritance Question; Edward Jones
Yeah, I am really shocked at the $100 account opening fee. Sorry to hear that, good luck.


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Broke
LSU Fan
AKA Buttercup
Member since Sep 2006
59147 posts

re: Re: Inheritance Question; Edward Jones
I've been gone a long time but there wasn't a fee for opening an account.

And just get him to liquidated the stock. Tell him to discount the trade to 75%. That's fair. The dude probably made no money holding that stock for the last 20 years.


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Poodlebrain
LSU Fan
Way Right of Rex
Member since Jan 2004
17618 posts

re: Re: Inheritance Question; Edward Jones
I'm not sure I understand you completely. Have you inherited the shares, or are the shares still in probate and you will inherit? If you have inherited, then ownership of the shares should be in your name, and you should be free to transfer them as you desire. If the shares are still in probate, then they are owned by the estate of the decedent, and any transfer would have to be done by the executor of the estate. Transfers to beneficiaries of the estate would require court approval.


Lsut81
USA Fan
Member since Jun 2005
66254 posts

re: Re: Inheritance Question; Edward Jones
quote:

Have you inherited the shares,


Yes, I have all of the paperwork showing that I am the owner of record by the State of Louisiana.

Ok, according to their schedule of fees, the $100 is an "Estate Service Fee", not a fee to set up the account in my name.

The $95 fee is "Transfer out(waived if Edward Jones remains the broker-dealer"

I should not be charged any commissions on the transfer out, correct?



Broke
LSU Fan
AKA Buttercup
Member since Sep 2006
59147 posts

re: Re: Inheritance Question; Edward Jones
quote:

Ok, according to their schedule of fees, the $100 is an "Estate Service Fee


Cheapest fee ever. Should be $500 at a minimum for the bull shite we have to do because this state is antiquated. You have no idea how much money that dude did to get the estate and shite in your name. Even more work when it's like 5 heirs.

quote:

Yes, I have all of the paperwork showing that I am the owner of record by the State of Louisiana.


This makes no sense to me. What does the state care?



Lsut81
USA Fan
Member since Jun 2005
66254 posts

re: Re: Inheritance Question; Edward Jones
quote:

This makes no sense to me. What does the state care?


I'm saying that I have the probate... The state acknowledges that I am the executor of the estate.


amsterdam
LSU Fan
Boiler Room
Member since Jul 2008
934 posts

re: Re: Inheritance Question; Edward Jones
Do what janky said. Executor has the power to execute trades in estate account and can then have funds sent directly to you. If you insist on having it directly transferred the $95 fee is unavoidable in most cases


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Broke
LSU Fan
AKA Buttercup
Member since Sep 2006
59147 posts

re: Re: Inheritance Question; Edward Jones
quote:

I'm saying that I have the probate... The state acknowledges that I am the executor of the estate.


You are NOT the owner then. You are the executor and sole beneficiary I assume? You become the owner when the broker opens an account, transfers the assets into your name after submitting the probate docs to the broker/dealer.

If you want to avoid some fricking hassles, have the man set you up an account at Edward Jones. Pay the $100 or whatever and then transfer it to Scott Trade 2 months later.


Lsut81
USA Fan
Member since Jun 2005
66254 posts

re: Re: Inheritance Question; Edward Jones
quote:

If you want to avoid some fricking hassles, have the man set you up an account at Edward Jones. Pay the $100 or whatever and then transfer it to Scott Trade 2 months later.


Thats what I'm asking, is that the best, cheapest way to go?


Janky
LSU Fan
Team Primo
Member since Jun 2011
11172 posts

re: Re: Inheritance Question; Edward Jones
quote:

The state acknowledges that I am the executor of the estate.


Yeah, you just have the letters of testamentary. This only shows acknowledgement by the court that you are authorized to act on the estate's behalf. In my opinion, the easiest way to do this is like Broke said, open an account in your name and transfer. It may cost a little, but it is easy.


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Broke
LSU Fan
AKA Buttercup
Member since Sep 2006
59147 posts

re: Re: Inheritance Question; Edward Jones
quote:

Thats what I'm asking, is that the best, cheapest way to go?


I have no idea about costs. I don't get sweated by clients over costs much. But what I listed is exactly what I would do if I were in your shoes. But be upfront about it (or not). We hate to do a shitton of work and then get transfer paperwork a month later.


roguetiger15
LSU Fan
Member since Jan 2013
6062 posts

re: Re: Inheritance Question; Edward Jones
im with broke on this one


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Lsut81
USA Fan
Member since Jun 2005
66254 posts

re: Re: Inheritance Question; Edward Jones
Alright, thanks for the help...

This post was edited on 5/8 at 10:32 am


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