How long can you wait to freeze an investment account once someone dies?

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How long can you wait to freeze an investment account once someone dies?

My brother died 3 monthsago. Several years ago he gave our father permission to manage his investments. My brother’s wife just received the death certificate. My father has been making trades on my brothers account and does not want to freeze the account as yet to transfer it to my brother’s wife. He wants to continue making trades. Is this legal? No funds have been withdrawn.

Asked on February 17, 2012 under Estate Planning, Ohio

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 12 years ago | Contributor

It seems that your brother gave your father an oral power of attorney to management his investments. Under the law of all states, such a power of attorney (assuming it was legal) ended upon your brother's death.

If your brother had a Will or tust in place when he passed, then the document might say something as to whether your father can continue to make the trades he has been making. If the documents do not give him the authority to do so, then the father should cease making the trades.

It is not a question of legality but rather what is appropriate under the circumstances and under your state's Probate code.


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