All,A question that my web research cant track down, so far. Sadly, my mother and last remaining parent passed away almost exactly 2 months ago. She had an IRA at Merrill Lynch. The broker there in charge of her account was notified within 2 days including a copy of the death certificate. My sister and I the willed and stated beneficiaries of the plan still cannot get him to release not only the funds but any data on them.So, my question, is there any legal time period in which he has to get this done?? I am moving out of the country (to NZ from the US) in just over 1 month and would like to resolve this, however, he is not even replying to my questions and will not deal with the executor or my sister. I am now at the point where I am going to get a lawyer and ensure that I get my time and legal expenses recouped as well. Before I do so I just want to get as educated as possible.So, anyone out there familiar with this type of question. I searched all over TMF and all the serious IRA discussions seem to happen here. Please redirect me if I am incorrect.Thanks in advance and cheers,jgc
Greetings, JGC, and welcome. You asked:<<So, my question, is there any legal time period in which he has to get this done?? >>You have my sincere condolences on the loss of your mother.There is no specified time in any law of which I am aware; however, I'm sure the broker is required to disburse the funds within a reasonable period of time after a request for same has been received in good order. Indeed, the requirement for doing so is probably specified somewhere in the IRA agreement your mom signed on opening the account. There may even be a specific number of days mentioned. Basically, all you can do is to keep complaining. While you may wish to hire an attorney, the cost involved may not be worth it in terms of how much that person can speed up the payment to you.Regards..Pixy
I think it's time to contact the brokers manager and explain the situation to him. If this does not give you satisfaction, the next step is the corporate compliance department. If these steps are fruitless, the next step is, as Pixy stated, to look for a lawyer or you may wish to try the SEC directly.If you have any ground to stand on, an implied threat to go to the SEC can get a brokerage firm to move rather quickly.
I would find out the branch manager's name and send him a certified letter return receipt requested. That should get his attention.
She had an IRA at Merrill Lynch. The broker there in charge of her account was notified within 2 days including a copy of the death certificate. My sister and I the willed and stated beneficiaries of the plan still cannot get him to release not only the funds but any data on them.I agree with others that it's past time to make noise, but I suggest you do it in person, assuming this is a public office. Make a big sign that says "I'm not leaving without my money!" and go sit there. You really don't have time, what with your impending move, to waste with this doofus, so don't be at all embarassed.TMF ExROPhil Marti
Pixy, ExRO, NYMOM, and Retired121,Thank you all for your answers. Without the agreement at hand your responses agreed with my other research that "in due time" was about the only standard. I am off to implement calling the manager of his branch after I give him one more shot to do the right thing. As the branch is 2500 miles away it is difficult to sit in but would, in Princeton NJ, create quite the scene. Dont worry, I wouldnt be embarassed. I will use the SEC threat of fraudulent behavior if necessary as I have no further time for these folks to figure out the two details required (type of MRD she used, and total dollars) and report it to me and my sister.thanks again for your inputs...A final note for the retired from my experiences with my mother. Dont save your $$$ for your kids if they keep telling you to spend them. If you insist in not dying broke keep detailed records of what type of MRD/MDIB and beneificiary selections you made at 70.5. Thanks again for all your help. The IRA data and articles were very helpful in researching how the entire process worked and have allowed me to sound intelligent when I really wasnt.Regards,jgc
I am off to implement calling the manager of his branch after I give him one more shot to do the right thing. As the branch is 2500 miles away it is difficult to sit in but would, in Princeton NJML is a good firm. I would go to the local office in your city and see what help the local manager can provide. Tell him you want to transfer the account to his office.
This story does not surprise me about this company. I had a very bad time with them when I decided to move my after-tax account and IRAs to Waterhouse. Lots of foot-dragging and run-a-rounds going on. They seemed to always skate right at the edge of reportable misconduct.FoolishProf
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