A quick question

[frayne]

MIL passed away about six months ago and left my wife with about 800 shares of JPM stock. We got a call today from UBS (the stock evidently went into a trust upon MIL's death and UBS is involved with distribution and resolution of the stock). From my understanding and I need to do a little more home work, what would be the best way to handle this transfer. The stock is or will be in the wife's name and Vanguard will take it but we have to open up an account in her name. I have accounts with both FIDO and Vgrd but they are soley in my name with DW as main beneficiary. UBS has offered to open up an account for abouth $250 and she could keep the shares there, and I'm sure they would chrage an annual miantenance fees. We really don't need the money and are a bit indifferent as to keeping or selling the shares. Someone told us that for UBS to sell the shares and issue a check that an account would have to be opened, stock sold and then closed again, at some expense probably a few hundred bucks. Just wondered if anyone else has ever ran into a similar situation and might have some sage advice ?

Appreciate any and all replies in advance.

 

[MichaelB]

Open the account at Vanguard and have it transferred. Once at Vanguard you can keep it or sell it. You should be able to transfer it into your joint account if you so choose. There is probably no UBS option with lower fees. An account at UBS is necessary just to take custody of the inheritance but can be quickly closed.

 

[jerome len]

I'm wondering why your wife wouldn't have accounts in her name or why you two don't have joint accounts? For many reasons DW and I have Vanguard accounts in her, mine and joint names. If either gets sued, individually, you don't lose it all. But, I'm probably not answering your question; if all you would have with UBS is the stock, get it into something else, cutting your fees in the future. Depending on account size, you can sell, buy, trade much cheaper with Vanguard than anyplace else.

And, when you have bunches of money anyplace, trades get cheaper, advice and phone calls get answered faster and for me, it's a lot easier to pull everythiing together for the IRS each year. I really hope I didn't offend you on why accounts are in your name, for me I couldn't justify doing it although I've been the 100% breadwinner since the day we married many years ago.

 

[Texas Proud]

The question I would ask is if you really want to keep the stock You mention that you are indifferent... if so, then have UBS sell the shares inside the trust it is already in and distribute to you the money...


OR, see if you can have the shares moved to Mellon Investment Services... I believe they do the drip for JPM...

Well, it looks like they moved!!!

Computershare | Acquisition Information


JP Morgan Chase (JPM) DRIP - Dividend Reinvestment Plan Advice

Well, at least I am giving you another option You will have to do the research...

 

[LOL!]

I'd just get the shares issued to your spouse. She can "give" them to you. You walk them into your local Fido office and have them sold on the spot. You can give the cash to your spouse.

There is absolutely no reason to keep the shares and every reason to sell them today.

 

[Animorph]

Vanguard could be a slight pain if you have to open a brokerage account to sell the stock and then transfer it to a mutual fund account to buy a mutual fund. Fido would be easier in that case. But the main consideration would be where you want the money to end up. Either should be cheaper to do anything than UBS.