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Do I have to open an account with Edward Jones in order to receive my share of an irrevocable trust established by my parents?

Lowville, NY |

money in irrevocable trust was invested by Edward Jones firm by now deceased parents

Attorney Answers 4

Posted

Sometimes people designate the financial services entity at which an account is to be maintained in a will. If there isn't such a designation, I can't see any reason why you would be obligated to do so. Even if you want to do business elsewhere, it will be cheaper for you to have the assets moved into your own Edward Jones account and then transfer the account through what is called an "ACAT" to the firm of your choosing.

The foregoing is not legal advice nor is it in any manner whatsoever meant to create or impute an attorney/client relationship.

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Posted

No-that would be an unusual requirement.

The answer given does not imply that an attorney-client relationship has been established and your best course of action is to have legal representation in this matter.

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Posted

Most likely not. It depends on the trust documents.

If you'd like to discuss, please feel free to call. Jeff Gold Gold, Benes, LLP 1854 Bellmore Ave Bellmore, NY 11710 Telephone -516.512.6333 Email - Jgold@goldbenes.com

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Posted

I agree with my colleagues. I have, however, sometimes run across companies that insist on you opening your OWN account with them, before they will allow you to access the assets. This is not a good policy in my opinion, but it is usually not worth fighting them on it.

James Frederick

***Please be sure to mark if you find the answer "helpful" or a "best" answer. Thank you! I hope this helps. ***************************************** LEGAL DISCLAIMER I am licensed to practice law in the State of Michigan and have offices in Wayne and Ingham Counties. My practice is focused in the areas of estate planning and probate administration. I am ethically required to state that the above answer does not create an attorney/client relationship. These responses should be considered general legal education and are intended to provide general information about the question asked. Frequently, the question does not include important facts that, if known, could significantly change the answer. Information provided on this site should not be used as a substitute for competent legal advice from a licensed attorney that practices in your state. The law changes frequently and varies from state to state. If I refer to your state's laws, you should not rely on what I say; I just did a quick Internet search and found something that looked relevant that I hoped you would find helpful. You should verify and confirm any information provided with an attorney licensed in your state. I hope you our answer helpful!

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2 comments

Joseph Franklin Pippen Jr.

Joseph Franklin Pippen Jr.

Posted

If forced to open the account-can close it immediately.

James P. Frederick

James P. Frederick

Posted

Right. It is a temporary annoyance...

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