Picture this: You’re the executor for a close family member’s will. You’re responsible for dividing the estate assets among the family, and you want to ensure that everything is done fairly and respects any and all regulations.
You call the financial institution that holds the stock investments to book an appointment. The receptionist says to come in any time that’s convenient for you.
You go to the financial institution and wait to meet with a financial advisor. You wait and wait. As you wait, you read over their marketing materials (because you’re thinking about changing financial institutions). Finally, someone comes to meet you. She shakes your hand saying, “I’m so sorry to hear about your loss. My name is Carmen, and I’ll help you with what you need to do.”
You let Carmen know you have half an hour before you have to leave for an appointment. So you get right down to business. You explain you want to divide the stock assets among the family members and provide them all in kind (you had done your homework so you know the right term to use to explain that you don’t want to cash out the stocks but you want to transfer them as they are).
Carmen, to your surprise and confusion, explains at length that you have to cash out the stocks to distribute them among the family members. You ask questions for clarity and remind her you have 15 minutes left. Again, Carmen goes on at length explaining the process involved.