I am the surviving trustee of a trust created by my mother. I am also the executor of her estate (California). Everything is to be divided equally between my sister and me. I have no problems with that. There are two major assets in the estate: property we are selling and a $600,000 investment account. My sister has told the investment advisor she wants to reinvest her half with him, but she is not returning any paperwork to set up an account in her name. He tells me he cannot cut her a check for her half because he knows she wants to reinvest it with him. Do I not have the authority to just tell him to distribute it, period?
2 Answers from Attorneys
Yes you do. She can then invest it with him or anywhere she directs. I would suggest you advise her that you will do so unless she has the account is promptly established. I'm sure the broker wants to wait because he is afraid she will transfer the money elsewhere.
Yes. You are the trustee. You can sign an LOA directing the broker dealer where the account is held to distribute to a beneficiary so that the Trust can be closed. The investment advisor sounds like he is trying to keep the assets but you have the authority to tell him to cut the check.