Legal Question in Wills and Trusts in California
Can stocks be sold
When is the cashing in of estates stocks and bonds supposed to happen. One month before the scheduled despersement of this will the court appointed excutor liquidated all the stocks and bonds thinking everything was going to go through without a problem. All of the next of kin had not been contacted and an objection was filed by the family as to the meaning of this holigraphic will and so far its been 6 months and counting. What about all the lost interest? Shouldn't the excutor have waited before cashing in assets in this estate.
2 Answers from Attorneys
Re: Can stocks be sold
The executor has a duty to put the money from the sale of the stocks and bonds into an interest bearing account during the pendancy of the proceedings.
Re: Can stocks be sold
It is the executor's duty to safeguard the estate. How would you have felt if he had not sold the stocks, and their value dropped 20%?
As long as the executor moves the proceeds into an interest bearing account, he is OK.
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