My brother "invested" my mother's money in First Command. Now that she's gone, he's the executor and he's supposed to split it three equal ways (me, him, and a third sibling). First they had me open a USAA account and wouldn't move the money to my credit union. Now they're insisting we have a Zoom meeting before they will move assets.
I don't want anything to do with First Command. They won't tell me what the meeting is about and I am hesitant to attend. What do I do to get them to transfer the funds from the investment accounts ASAP to my checking account with minimal fees? I assume they are stocks and have to be cashed out, but my brother is withholding all information and keeps talking about how I should keep my money in a "wealth builder."
Any advice is most welcome!
How to leave First Command?
byu/Diverse_City_Token inMilitaryFinance
Posted by Diverse_City_Token
3 Comments
If they won’t move your money to the appropriate accounts of your chose, call a lawyer to help.
If you’re military go to your base legal office. They can send a letter requesting a listing of all the assets. Then follow it with a demand to liquidate the assets and transfer the proceeds to your account, or to move management of the assets to your broker, however you choose to proceed. A military lawyer can’t represent you in civil court but a properly worded letter signed by an attorney sure can motivate people.
They might be trying to prevent you paying a large tax bill if the money is in say a Traditional IRA.
A meeting isn’t going to hurt. There must be some misunderstanding here.
You can initiate the transfer on the other side. For example if you want to move the assets to Schwab, you can request an ACATS transfer here and they’ll handle all the paperwork with First Command. https://www.schwab.com/transfer-to-schwab