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I need to get money from my inheritance, the estate isn't settled and lawyer is mia... can I sell some of my stock on my own?

Warren, MI |
Filed under: Probate

My car was impounded last night, I've been calling my estate lawyer all day but I can't reach her. I need my vehicle! Can I sell off a few shares of my inherited stock on my own, or do I have to use my lawyer? Every day it's going to cost me more money, I can't wait a week if she's on vacation. :(

Attorney Answers 4

Posted

If the stock has already been distributed to you as the beneficiary of the estate then you should not need to discuss it with the estate lawyer.
If it is still in the estate, then you should contact the Personal Representative. If you are the personal representative then you should wait. It not advisable to make distributions without following the required probate process.

I am licensed in Wyoming only. The legal analysis of any situation depends on a variety of factors which cannot be properly represented or accounted for on a web page. The information is intended as general information only, and is not intended to serve as legal advice or as a substitute for legal counsel. If you have a question about a specific factual situation, you should contact an attorney directly.

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Asker

Posted

I am the PR and sole heir. Based on the latest statement the stock is worth more than the debt by around 30,000. Its taken a week or more to reach her sometimes. In that time, my four kids will starve and my boyfriend will lose a lot of customers with his startup business.

Posted

If the estate has not settled, then none of the assets have been distributed and none of the assets are yours yet. You cannot do anything. You can however hire an attorney to petition for a preliminary distribution (but this will likely take over a month as it is a noticed hearing). You can also try to take a loan out against your share of the estate. Please note, however, that the personal representative has the discretion and may reject the loan, but if he/she accepts the loan, you will be responsible for interest.

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Asker

Posted

Um...I am the personal rep and the only heir, so the assets won't be split with anyone else...what interest are you speaking of?

Brian Michael Malloy

Brian Michael Malloy

Posted

The proper procedure would be to file a petition for a preliminary distribution. If you do take action on your own, be prepared for the wrath of the judge for taking any assets without the court's blessing!

Posted

Has the stock already been distributed to you? If so it is yours to do with as you want. If not, you will need to wait for the PR to make the distribution which may be delayed for a number of reasons.

Ken

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Posted

Since you have a lawyer, it is not ethical for anyone on this site to give you advice on this situation, other than "speak to your lawyer." If the lawyer makes a habit of being "mia", then you may need a different lawyer.

James Frederick

*** 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.

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