I'm the executor for my cousin's will. He passed in August of 2023, and he had many stock accounts with a financial institution, all of which were to be distributed on his passing. The individuals he had left accounts to have all been distributed, but there are several charities he designated the remaining accounts to and the financial institution has not distributed money to those charities yet. It's now been a year since his passing and the balance of those accounts is nearly one million dollars. The accounts were to be transferred on death to the charities named as beneficiaries.
Should the account holder (the financial organization) be responsible to make the distribution? How long can they hold the stocks after my cousin passed away? And most importantly, do I have any responsibility to ensure the money is distributed? I contacted all the individuals and gave them the information to claim their inheritance, and I also contacted many of the charitable organizations to help them get their money from accounts, but I just received a statement from the financial institution that they still hold well over $950,000.
Is the estate responsible for 2024 taxes own monetary gains that haven't been transferred at the time of his death?
