Inheritance

[Scotso]

What is the name of your state? Virginia

I recently inherited mutual funds from my grandmother, with both my sister and I receiving half. I intended to liquidate my share of the assets from the start. This was when the market was still at record highs. My sister and I filed our information at the same time, but only she has been receiving information about them for the last month. I have called Ameriprise (who the funds are with) a few times, and each time they state that they do not have any accounts with my name on it, and I can't liquidate the assets without account information, which I have not received.

Since my sister and I should have both been given our account information at the same time, and I have no received mine, do I have any legal basis to insist that Ameriprise give me the amount of money that my stocks would have been valued at previously? In the last few weeks, I have lost about $3,000 in value. Had the account information been given to me at the same time, I would have sold the mutual funds and would be $3,000 up from what they are now.

I still have not received the account information, and an email to my "personal" advisor has only stated they are looking into the matter.

 

[tranquility]

I recently inherited mutual funds from my grandmother, with both my sister and I receiving half.

What does this mean? Does it mean you are going to receive this or that you have? There needs to be work done to transfer ownership to another. Death certificate, will-trust document-court order telling who to transfer to all with a signed affidavit to the mutual fund company, stir and wait until they are good and ready, *THEN* you have the rights to sell.

Has all that been done?

 

[Scotso]

I don't know if it's been done, but it SHOULD have been done. That's my point.

My sister and I both filed the same paperwork at the same time with the death certificates and everything. She has had her account information for over a month.

 

[tranquility]

That is probably the problem. A singe person or entity, executor-personal representative-trustee, should have filed the paperwork and then distributed the change of ownership.

It looks like it was not done and you have no rights to sell or otherwise get access to the funds. The account information is probably irrelevant. It seems as though sister is being treated as personal representative. She doesn't have control yet, does she?

 

[Dandy Don]

You need to get a business law or probate attorney to help you with this. The company thinks they can continue brushing you off with no consequences, whereas an attorney would be more bullish in getting the specific information you need and they would take him more seriously. Sorry that you are being treated so shabbily.

DANDY DON IN OKLAHOMA ([email protected])

 

[Dandy Don]

You were advised to consult with this about a business law attorney. Have you done so? Have you done anything to try to resolve this? SO MUCH TIME HAS PASSED!!!!!!!
(1) Did you ever actually receive a check from anyone about this or when you say that you "inherited mutual funds" that you really mean that this was just mentioned in the will? Was a specific amount designated that you were to receive or was the account valued at a particular total value?
(2) Have you looked at the probate file to see if the Ameriprise account is actually mentioned in fact and whose name is on the account (probably the name of your grandmother) and the account number? If you haven't done that, you should do so.
(3) Did your grandmother leave a last will and testament or was there no will left at all?
(4) Was your sister the executor or personal representative of the estate or was it someone else? A relative or someone who is not related to you? Have you discussed this with the executor or personal representative?
(5) It is possible that the account had a specifically designated beneficiary that named one or more persons as beneficiary, and if that was the case then that designation supercedes the will and if you were not named as a beneficiary then you have no legal grounds to be claiming anything from that account. If that is in fact the case, then Ameriprise has no obligation to give you any account information if you are not named as a beneficiary. The fact that they will not give you any information does not look promising in your favor.
(6) Do you have a good relationship with your sister? Did she have power of attorney to handle any of your grandmother's business matters? Not really relevant but I was just wondering. Ask your sister if the Ameriprise account was in your grandmother's name and explain to her that you don't understand why you have not received your share of this asset yet. Ask her for the account information so you can discuss this with Ameriprise and see what her reaction is, whether it is helpful and cooperative or secretively withholding information and not being willing to share information with you.

 

[CSO286]

You were advised to consult with this about a business law attorney. Have you done so? Have you done anything to try to resolve this? SO MUCH TIME HAS PASSED!!!!!!!
(1) Did you ever actually receive a check from anyone about this or when you say that you "inherited mutual funds" that you really mean that this was just mentioned in the will? Was a specific amount designated that you were to receive or was the account valued at a particular total value?
(2) Have you looked at the probate file to see if the Ameriprise account is actually mentioned in fact and whose name is on the account (probably the name of your grandmother) and the account number? If you haven't done that, you should do so.
(3) Did your grandmother leave a last will and testament or was there no will left at all?
(4) Was your sister the executor or personal representative of the estate or was it someone else? A relative or someone who is not related to you? Have you discussed this with the executor or personal representative?
(5) It is possible that the account had a specifically designated beneficiary that named one or more persons as beneficiary, and if that was the case then that designation supercedes the will and if you were not named as a beneficiary then you have no legal grounds to be claiming anything from that account. If that is in fact the case, then Ameriprise has no obligation to give you any account information if you are not named as a beneficiary. The fact that they will not give you any information does not look promising in your favor.
(6) Do you have a good relationship with your sister? Did she have power of attorney to handle any of your grandmother's business matters? Not really relevant but I was just wondering. Ask your sister if the Ameriprise account was in your grandmother's name and explain to her that you don't understand why you have not received your share of this asset yet. Ask her for the account information so you can discuss this with Ameriprise and see what her reaction is, whether it is helpful and cooperative or secretively withholding information and not being willing to share information with you.

Stop necroposting.
This thread is five years old.