Can I get info from my late father's stock broker if my brother was asked to handle the estate affairs?
My father asked my brother to handle the estate affairs upon our parent's death (they passed last year). There is no will. My brother and I were left some stocks. I agreed to let my brother transfer the full amount to his name and cash out my half to me. What's bothering me is that I only have my brother's word regarding how many stocks existed, and he didn't offer to show me any proof of that amount. He has been straight (as far as I know) about everything else and I want to believe he is straight about dividing the stocks equally - but the only way I feel i can be sure without making him feel that I don't trust him is to call the firm that held the stocks and ask them for the amout my dad had before any stocks were transfered to my brother. Can I do that? Will they tell me?
I'm curious how your brother was able to access the stock certificates without being appointed as the administrator of your father's estate. If he did seek to administer the estate, then he would have to document everything that comes into the estate and make a report to the Probate Court. I have never dealt with a stock broker or stocks that could be transferred without an executor or administrator being appointed. The probate process protects the broker and ensures the stocks are transferred as provided by law. If this is the case, the information you desire would be readily available through the court process.
I hope this helps.
The comments provided are for informational purposes only and NOT FOR THE PURPOSE OF PROVIDING LEGAL ADVICE.... more
The comments provided are for informational purposes only and NOT FOR THE PURPOSE OF PROVIDING LEGAL ADVICE. Actual legal advice can only be provided after consultation by an attorney licensed in your jurisdiction. You should contact your attorney to obtain advice with respect to any particular issue or problem. Use of and access to any responses contained within this site do not create an attorney-client relationship between The McCrory Firm, nor any of its attorneys, and the user or browser. The opinions expressed at or through this site are the observations of the individual author and may not reflect the opinions of the firm or any individual attorney. Mr. McCrory is licensed to practice law in the states of Georgia and Tennessee with offices in both states. He is similarly authorized to handle matters involving the IRS throughout the United States. He is a member of the bar of the United States Supreme Court, the Sixth and Eleventh Circuit Courts of Appeal, the United States Tax Court and all federal courts in Tennessee and Georgia. He can be reached by phone at (703) 879-8330 or by email at email@example.com.
I agree with the other two attorneys who answered this question given only the facts you stated, but I believe more information is required to answer you fully. The first thing you need to do is to ask your brother if he went to the probate court in the county in which your parents died to file a petition for adminstration in order to receive letters of administration (authority that he can act on behalf of your parents' estates). If your brother has not done this, then I agree that the brokerage account containing the stocks must have been in joint names with your father and your brother and maybe with you as well, but not necessarily. If the stocks were in joint names with your father and brother only and they are now only in your brother's name, then when he gave you cash from the sale of the stocks, this was a gift to you. If the cashyou received from him was in excess of $13,000 (annual exclusion amount which does not carry a gift tax), your brother is supposed to file a gift tax return. He may be required to pay some gift tax, depending on what choices he makes with regard to the tax. I don't think the broker will talk with you, unless the stocks were also in your name. However, your brother is in a fiduciary capacity and owes you an accounting of the stock transactions.
You did not mention if your parents died together or separately. Also, are there other assets your father and/or your mother owned at the time of their deaths other than personal property (clothing, household goods, jewelry, automobiles)? Do you have other siblings? To fully answer your original question, I need to know all these facts and more.
Please let me know if you need further assistance. I am more than happy to answer your questions.
I agree with the prior attorney. The only other explanation is that the brokerage account was set up in your joint names with dad. If that is the case you have every right to make the call. You should make the call in any event and you need an estates lawyer to review any statement you get or if you do not get statements and your brother refuses to present them. You need full transparancy here and anything less is unacceptable and potently deceitful and dishonest. Get an estates attorney immediately.
Hope this helps. If you like this answer and have a Google account , please hit the +1 sign above. It takes just a second to do this and it would be most appreciated and would help others. Thanks.
Mr. Fromm is licensed to practice law throughout the state of PA with offices in Philadelphia... more
Mr. Fromm is licensed to practice law throughout the state of PA with offices in Philadelphia and Montgomery Counties. He is authorized to handle IRS matters throughout the United States. His phone number is 215-735-2336 or his email address is firstname.lastname@example.org , his website is www.sjfpc.com. and his blog is
Mr. Fromm is ethically required to state that the response herein is not legal advice and does not create an attorney/ client relationship. Also, there are no recognized legal specialties under Pennsylvania law. Any references to a trust, estate or tax lawyer refer only to the fact that Mr. Fromm limits his practice to these areas of the law. These responses are only in the form of legal education and are intended to only provide general information about the matter within the question. Oftentimes the question does not include significant and important facts and timelines that if known could significantly change the reply or make such reply unsuitable. Mr. Fromm strongly advises the questioner to confer with an attorney in their state in order to ensure proper advice is received.
By using this site you understand and agree that there is no attorney client relationship or confidentiality between you and the attorney responding. This site should not be used as a substitute for competent legal advice from a licensed attorney that practices in the subject area in your jurisdiction, who is familiar with your specific facts and all of the circumstances and with whom you have an attorney client relationship. The law changes frequently and varies from jurisdiction to jurisdiction. The information and materials provided are general in nature, and may not apply to a specific factual or legal circumstance described in the question or omitted from the question.
Circular 230 Disclaimer - Any information in this comment may not be used to eliminate or reduce penalties by the IRS or any other governmental agency.