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.
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.
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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.
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