Investments for Brothers with No Verifiable Addresses

[dcl692]

What is the name of your state? North Carolina/South Carolina

I'm executrix/personal representative of my Dad's Estate. I live in North Carolina and he resided in South Carolina. His will states to split everything 3 ways. I have two brothers.

He had an investment account. The account was actually set up with a broker here in NC. He had received an inheritance from an Aunt here and all of his family is here. There is about $7,000.00 in this account and I have an appointment to meet with the broker on Monday.

This broker has already told me that to split this three ways he would need: names, social security numbers and a verifiable address for all of us.

Mine is no problem, but my brothers are basically homeless since Dad's death.
One is 47 years old and the other is 42 years old, but they had lived off of my Dad for at least 10 years. All I know is one of them is staying in a Hotel (I have the name and room number). I contacted the other one for his address for something unrelated and he didn't even know it. He's just been staying with a friend, and that wouldn't be verifiable, I don't think.

I can provide him with Social Security numbers, because I do actually have those; and I suppose I could provide my Dad's address as their residence, since that is probably on their licenses....but if they mail something to that addres it will eventually just be sent back.

If this happens, what will happen to that 2/3 of the investments? And what other responsibility for this account would I have as Executrix of the Estate?
Would that money just remain in the account until they claim it?
Could it still earn any dividends?

Thanks,
DCL692What is the name of your state?

 

[anteater]

Unless Dad's will specifies that the securities themselves in the brokerage account be distributed, why not just instruct the broker to liquidate the account and send the proceeds to the estate for deposit in the estate bank account? The proceeds will then be part of the final estate distribution.

(Of course, the broker may not be too happy, but tough.....)

 

[dcl692]

Duh-huh...Don't know why I didn't think of that. )

Thanks.

The will does say that everything is to be divided evenly between us three kids, but since I'm "execturix", I guess I'm responsible for handling that and if having that money put in the Estate account is the only way to preserve their portion then it's legal, right?

I don't suppose they can insist that THEY have to divide it themselves and send checks, right?

The boys had said they wanted to keep that money there, but they've been going through everything else like it's nothing. One of the brothers actually said last night that he would be interested in buying me and the other brother out. He hasn't even gone a week since Daddy died (June 1st) without borrowing money from someone (including the Estate). I'm not real sure he's worked a WHOLE week since then? I can't believe he even has the nerve to suggest this. Well, I guess I can...that's what drugs and alcohol will do for ya. These brothers of mine are really something else.

I wonder if I could still keep my portion invested if I handle it this way? You know, have the company cut a check for 2/3 and deposit it into the Estate account, but leave 1/3 (my portion) where it is, just change over to my name instead of my Dad's?

I guess I could have them liquidate and turn right around and put my portion back?

Sorry, this sounds more like I'm asking financial advice, but I'm really wondering what can be done "legally". I don't know these folks at the brokerage firm and I wouldn't be surprised if they mislead me into thinking it was illegal to do things this way if it benefited them.

I sure have been given a lot of misinformation since this began. The cemetary was even tyring to "imply" that I could not purchase a marker from anyone but them.
Thankfully, I discovered that was not true, because it saved me almost $1,000.00 to buy from an independent contractor/dealer.

Thanks again, ANTEATER.

DCL692

 

[Dandy Don]

Did your dad specifically name you 3 as individual beneficiaries by filling out a beneficiary designation form with the brokerage firm?

If he did, then the money will have to be paid individually. IF he didn't, the money can be issued to the estate account and you can set up a separate trust account to hold the money until the brothers are found.

You can hire a private investigator to try to track them down, or check shelters in the areas were they live to see if they have gone there, and you should even check public records online and jail records to see if there is a paper trail there (if you will send me their names and estimated age, I can check some free sources for you). If all else fails you should consider purchasing a small classified ad in their local newpaper asking if anyone knows their whereabouts to get in touch with you.

DANDY DON IN OKLAHOMA ([email protected])