My siblings and I have inherited stocks and funds our parents. These are distributed across 12 financial companies! Divided values from $7k and up to much larger amounts. The estate has been in probate for over 2 yrs, so though the basis was reset on death, there have been some big gains. I would like to transfer the stocks to my accounts (Fidelity/Vanguard) and avoid capital gains right now.
So my each of my parent's accounts will distribute to multiple individuals. The executor has indicated that the financial institutions have stated we each must make an account with them and then the stocks can be transferred to our ownership. I really don't need a bunch of new accounts I have no use for, and I'm told they are looking for minimum deposits to open the accounts.
Is there legal mechanism that these financial companies must follow that I can just get these transferred?
