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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 8:43 am to Janky
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 5/8/13 at 10:31 am
Posted on 5/8/13 at 8:45 am to Lsut81
Yeah, I am really shocked at the $100 account opening fee. Sorry to hear that, good luck.
Posted on 5/8/13 at 8:46 am to Lsut81
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.
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.
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.
Posted on 5/8/13 at 8:54 am to Poodlebrain
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?
Posted on 5/8/13 at 8:58 am to Lsut81
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 bullshite 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?
Posted on 5/8/13 at 9:00 am to Broke
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.
Posted on 5/8/13 at 9:01 am to Janky
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
Posted on 5/8/13 at 9:02 am to Lsut81
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.
Posted on 5/8/13 at 9:04 am to Broke
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?
Posted on 5/8/13 at 9:09 am to Lsut81
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.
Posted on 5/8/13 at 9:10 am to Lsut81
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.
Posted on 5/8/13 at 9:10 am to Lsut81
im with broke on this one
Posted on 5/8/13 at 9:19 am to Broke
Alright, thanks for the help...
This post was edited on 5/8/13 at 10:32 am
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