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Re: Inheritance Question; Edward Jones
Posted on 5/8/13 at 8:27 am
Posted on 5/8/13 at 8:27 am
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
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
2
Posted on 5/8/13 at 8:40 am to Lsut81
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.
Posted on 5/8/13 at 8:48 am to Lsut81
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.
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