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My deceased Uncle (God bless him), had annuities and investments all over the map!


I have been able to collect everything except for selling his stocks managed by Morgan Stanley.


Using the POA, I was able to transfer the stock into my Aunt's name, however, now that I want to liquidate they are requiring forms that make no sense! For example, Small Estate, Court certified authorization.


The POA clearly states that my Aunt has given me authority to sell, buy or trade stocks.


It's not a huge amount, but would pay for 3.5 months of memory care.


The person I have been working with suggested that I call and claim to be my Aunt! It doesn't take a rocket scientist to know that could potentially get me into big trouble!!


Have any of you sold your LOs stock??


Have you had similar issues?

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If the stock has been transferred into your aunt's name, I would think that she's now the holder and the liquidation would be her responsibility as opposed to yours.
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Your POA may give you the right to "sell, buy or trade stocks" in your Aunts name but the stocks are in Uncles name. POA is no longer in effect at death. Who is the Executor of his Will? Does the Will read whats mine is yours?

After my Moms death I was able to transfer her shares to me. What they required of me was a Medallion from my Bank. They would not except anything else. I had to take the death certificate to the bank and they issued the medallion. It was easier to get the shares after her death than it was trying to cash them in before her death.

Maybe call the company again and hope u get someone different. Explain
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worriedinCali Jan 2021
The stocks are not in the uncles name, the OP transferred them to the aunts name, it’s in the post ;)
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I haven't yet, but I do understand the rigamarole and forms required by transfer title of stock.    I have I think 6 different forms that were required to transfer Trust owned stock, but solely to add my name as Successor Trustee.  The stock remains the same.  

I understand that there can be liability issues if transfers aren't documented to the nth power, but honestly, all this paperwork is really annoying.

You will have to fill out their forms, but usually a rep can help guide you through the paperwork swamp.  It's best to do that, and document the advice you're given.
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Unfortunately, banks and other financial institutions like to make things hard when you don't use their POA forms, but ultimately, it's for the security of their clients. Anyone could waltz in with a POA claiming to have the authority to sell stocks. You have to recognize that the original stockholder has died, someone got the name changed (although she'd have inherited them automatically, so I'm not sure how that was a thing), and now that same someone who isn't the account owner wants to clear out the accounts. It looks suspicious.

Contact your adviser at Morgan Stanley and ask them how to get your POA accepted. Is your aunt no longer competent to tell them she has indeed given you this authority? Does she have an attorney who can vouch for the POA and her choices? Ask M/S what their people want, and be ask them to clarify what these forms are. Work WITH them, and it'll look better to them, plus they can walk you through it.

I was fortunate to have my dad still with me when he handed over his finances for me to handle. We went together to Charles Schwab and he told them himself that I was now in charge. It went smoothly, but when it came time for his IRAs to be switched over to my mother, their people made things difficult. Fortunately, my adviser as Schwab walked me through everything.

Good luck.
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