Wife has stocks in her name

charley0419

my wife has some securities in her name, what can be done if you don’t want to sell just now, can you have transfer to my name or what to do??

harshedbuzz

I'd ask a CELA.

All of dad's investments (SEP IRA) remained in his name until the end. As POA mom traded some to fund MC. After he died, she inherited them as his beneficiary.

HB

ETA: As POA mom had a fiduciary duty to look after his finances, so we did realign the portfolio. In the middle stages, dad had made some very questionable investment moves which were costing him dearly.

charley0419

so are you saying if I have POA I can sell her stock ? And should i inform them that I have POA

harshedbuzz

If they're held in an account, you would take a copy of the POA to their office. They'll likely make a copy to send to their legal department for vetting. If the POA includes this kind of activity and they accept the document (and they don't always— especially downloadable boilerplate versions) you would hear back in 2-3 weeks and could act on her behalf.

HB

Lkrielow99

https://alzconnected.org/discussion/70908/wife-has-stocks-in-her-name

A Durable Power of Attorney (DPOA) is active when it is signed. The bank officer told me after my DH made a scene in the bank, he was no longer cognizant enough to initiate transactions and to bring the DPOA to them and I now can sign on his accounts. I sent the DPOA to all his financial accounts. I also had the DPOA recorded in the court house as I am selling real and movable property in his name. My DPOA was prepared over a year ago by an Elder Care Attorney and is very long and detailed about my power. For those without a DPOA, the court can designate guardianship. I hope this information is helpful. It’s difficult to navigate all the things we have to. much love

Jeanne C.

Charley- I would still talk to a CELA. There could be issues for Medicaid look back and capital gains. Best to get advice first.

ImMaggieMae

We put everything into a trust. Had our lawyer who is an estate attorney draw it up. I have durable power of attorney and my sister does as well, in case anything would happen to me. We did medical POA’s at the same time. When we open a new investment or move something the trust is the beneficiary. Lots of paperwork but once it’s in place, it makes things a lot easier.

HollyBerry

Please let our mistake help you!!! And great that you are thinking of this now, and not during probate.

Computershare is a company that manages many stocks. It's run through a group of call centers and websites. We spent HOURS trying to get a few things done before my mother passed away. We needed to get my deceased father's name off the stock certificates and we needed to add my name and my brothers as Transfer on Death. We had to download certain forms, fill them out, get them notarized (not just a regular notarization, but a special kind), and send them back to Computershare, then follow up. We messed it up several times but finally got the important stocks taken care of. It took months.

Two or three days before she passed away, we discovered another. It was managed by Computershare, had no named beneficiary or TOD. It was The Only Thing between us and a clear sail through Probate after her death. We spent over $800 for an attorney to do the stuff that we could have done ourselves if we had started a few weeks sooner.

So, at the very least, figure out how to get your name added to the securities as Transfer on Death. You may be able to do this online. You may or may not have trouble if you are using a Power of Attorney to make yourself the one that the stocks are transferred to. This is where your lawyer comes in. I am absolutely not an expert on these things, so find the ones who are! Your investment person, if you have one, may have an expedited way to add the TOD. And if not, the lawyer who set up your POA can probably advise.

easy23

My CELA told me to transfer my husband's stock to my name.

M1

Charley also be aware that not all financial institutions will accept a generic DPOA. My partner had investments with Schwab and we had to sign their own proprietary forms, that's not uncommon.

Stan2

https://alzconnected.org/discussion/comment/225470#Comment_225470

Charley, The short answer is yes you can. Contact the stock issuer or investment company and they will tell you what they need.

Victoriaredux

If they are her separate property- from before marriage or inherited then using the DPOA to make them your property isn't the right thing to do without a lawyer looking it over— esp if she has a will that doesn't leave them to you or medicaid is involved. If you're looking to avoid a probate mess, again, having things cleared up now is better than later .