Brokerage Account

[kmsgolfer]

New York, NY

Hello,

My late dad (US Citizen) held a brokerage account with Smith Barney in New York, he left behind 4 children and a spouse as survivors. I am having a real hard time figuring out what the procedures are to move on with splitting the cash & stocks held in his account between the 5 of us. I would like to know if this is something simple enough that i could take care of it on my own (if so please provide some guidance on the proper procedures) or if a should hire a lawyer? The account is not big and that's all that he had.

I would also like to speak to Smith Barney's legal department see if they can help, however i could not find a telephone number to reach them (i am currently overseas and i cannot dial 1-800)

Any help & tips are greatly appreciated

 

[anteater]

Did the account have a designated beneficiary - a Transfer on Death (TOD) designation?

Did your father have a will?

How much is it - roughly?


A TOD would specify the person or persons to receive the account and takes precedence over a will or intestacy.

If your father did not have a will, NY intestate succession law gives the first $50,000 of the estate to the surviving spouse.

New York does have some provisions that allow various heirs to collect funds without going through the full probate process. You can see them here:
http://www.nycprobate.com/27225.html

All in all, this is going to be a lot easier for someone located in NY.