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Barrister
Barrister, Attorney
Category: Estate Law
Satisfied Customers: 33781
Experience:  15 yrs estate law, real estate. Wills/Trusts/Probate
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My mom recently passed away. She has stock holdings valued

Customer Question

My mom recently passed away. She has stock holdings valued at approximately $150k with no indicated beneficiary or POD. Her will and IRA account (her only other asset) have designated us (her 3 children) as beneficiaries. I am the named executor. Do I need to probate, or can I just transfer the stock holdings into a new account with her estate EIN and liquidate from there?
Submitted: 5 months ago.
Category: Estate Law
Expert:  Barrister replied 5 months ago.

Hello and welcome! My name is ***** ***** I am a licensed attorney who will try my very best to help with your situation or get you to someone who can. There may be a slight delay in my responses as I research statutes or ordinances and type out an answer or reply, but rest assured, I am working on your question.

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What many people don't realize is that when someone is named in a will as executor, that is just basically a request by the testator for them to assume that role and file a probate case to settle the estate. But they don't have any formal legal authority until a judge actually appoints them to that position. Then they can gather assets, pay any debts, file any final taxes, then distribute the surplus to the heirs and close the estate.

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So yes, you would need to be formally appointed as executor of the estate because as it stands right now, you don't have any legal authority to do anything with estate assets.

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But the IRA will go directly to the named beneficiaries outside of probate.

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thanks

Barrister

Customer: replied 5 months ago.
I did take the will to PA court and have "Short Form" naming me as executor of estate. I want to be sure this allows me to transfer the stocks
Expert:  Barrister replied 5 months ago.

Ok, if you have actually been named as executor, then you are good to go as that gives you legal authority to take possession and control over all the assets of the estate. So if you got an EIN for the estate through the IRS website, then you can open up an estate account at a bank, liquidate those stocks, and then have the money transferred into the estate account to use for estate expenses and then eventually distribution to the heirs.

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thanks

Barrister

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