what % of cash is executor have access too & can they sell stock 2 days after death?

[bluedolphins]

what % of cash is executor have access too & can they sell stock 2 days after death?

What is the name of your state? nj
is the executor have full access to any cash/checking account of the decedant? i thought they were only allowed like say 50% access of the checking account, but i'm not sure.

also, 2 days after death, the executor sold shares of a mutual fund, is this legal to gain more cash for expenses?

there was enough in the decedant's checking account to cover expenses after death, there still is.

thanks so much, i do appreciate any info possible

 

[anteater]

What is the name of your state? nj
is the executor have full access to any cash/checking account of the decedant? i thought they were only allowed like say 50% access of the checking account, but i'm not sure.

also, 2 days after death, the executor sold shares of a mutual fund, is this legal to gain more cash for expenses?

there was enough in the decedant's checking account to cover expenses after death, there still is.

thanks so much, i do appreciate any info possible

Think about it. The executor is responsible for paying any obligations of the deceased. Why would an executor have access to only a part of the deceased's assets. You may be thinking of the Jersey rules for accounts with named beneficiaries. If I recall correctly, financial institutions can allow named beneficiaries access to only a portion of the account value until the Jersey tax man says that the estate has taken care of all estate tax liabilities.

Unless the will made a specific bequest of the mutual fund shares, I don't see anything wrong with the executor selling the shares. In fact, absent a specific bequest, I would argue that an executor would be remiss in not selling stocks or mutual funds as soon as possible. An executor should not be playing stock market guru in hopes that the stocks or mutual funds increase in value while the estate is being settled.

...2 days after death...

You mean that the executor had been appointed by the probate court within two days of death?

 

[Dandy Don]

I interpret the 2 days as referring to the timing/date of the sale of the mutual fund shares.

 

[bluedolphins]

the majority of assets are stocks and mutual funds to be divided equally between the heirs.

the executor was named in the will, but sold the shares 2 days after death of the decedant.


ok, here's another question.....the interest gained/loss from time of death till say distribution of the assests, does that gain go to the heirs?

thanks for the info!!

 

[anteater]

the executor was named in the will, but sold the shares 2 days after death of the decedant.

For info, being nominated in a will as executor means nothing until the will is probated and the court appoints someone as the legally designated executor/administrator.

ok, here's another question.....the interest gained/loss from time of death till say distribution of the assests, does that gain go to the heirs?

It is part of the value of the estate and goes to whomever the will designates it to go to.