From our “Ask a Question” Mailbag: My grandmother died in a Delaware County senior living facility without any real assets, except for a small bank account and some stock held in just her name. Her will said it was supposed to be used to pay her last bills and then anything left would be divided among her grandchildren. We’re confused as to how to sell the stock once we do the transfer paperwork. Do we have to sell it through Computershare or can we sell it through any brokerage?

Most Recently Updated July 31, 2018.

Selling Stocks for Distribution Purposes

Selling Stocks for Distribution Purposes

During her lifetime, the stock and bank account could only be accessed or liquidated by your grandmother. Now that she is dead, the accounts will sit until an authorized person contacts the bank and brokerage. As your grandmother had a will, and she lived in Delaware County, Pennsylvania, that person will be the Executor under the will.

The Executor’s Steps

The Executor needs to take the will to the Delaware County Register of Wills along with the death certificate, and ID, and a checkbook. The Register will then examine the will and verify it is authentic and properly signed. The Register will also verify the death certificate’s authenticity and that the person who is in the room is the same person named as the Executor in the will (hence the ID).

Once confirmed, and a fee paid (the checkbook/credit card) the Register will take the will and exchange it for paperwork that authorizes the Executor to act for the Estate. That paperwork goes to the bank and the brokerage house. They, in turn, will now liquidate the stock if the Executor makes that request and completes the institution’s required forms. There is a lot to being an Executor, including filing the Pennsylvania Inheritance Tax Return and paying creditors. You would be well advised to retain an experienced Probate Attorney to help you. Remember, the Executor is personally responsible for money not applied correctly, so don’t pay any bills or distribute any assets until you know exactly what you are doing!

More Probate Questions?

Selling Stocks for Distribution Purposes is only part of the overall probate process. By all means, if you wish to learn more, please read my more detailed article, The Probate Process All You Need to Know.

In Conclusion: Selling Stocks for Distribution Purposes

I hope that this article was helpful in explaining Selling Stocks for Distribution Purposes. Further, I included links to even more detailed information on my website. Therefore, please contact me and let me know how I did. Certainly, your comments and questions are welcome!

Let our Probate Lawyers help walk you through what can be a confusing process. To begin with, call to speak to one of our experienced Probate Attorneys.  By all means, our lawyers are ready to answer your questions. In fact, feel free to contact our office for a free consultation. Ultimately our goal is to make the process as painless as possible!

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