The Short Answer

In Florida, a brokerage “estate account” (including one held at Merrill Lynch) is typically finalized for heirs only after the personal representative has authority to act, the estate’s debts/taxes are addressed, and the personal representative is ready to make (and document) final distribution. Florida law places the duty on the personal representative to settle and distribute the estate efficiently and in the estate’s best interests.

What Florida Law Says

Brokerage firms usually require proof that the person giving instructions has legal authority (and that the estate is in a posture to distribute). Under Florida probate law, the personal representative is a fiduciary and is responsible for gathering estate assets, managing them appropriately, and distributing them to the correct heirs/beneficiaries under the will or intestacy rules—without unnecessary delay, but only when it is safe and proper to do so.

The Statute

The primary law governing this issue is Fla. Stat. § 733.602.

This statute establishes that the personal representative must settle and distribute the estate in accordance with the will and the Florida Probate Code as expeditiously and efficiently as is consistent with the best interests of the estate, acting as a fiduciary under trustee-like standards of care.

Why You Should Speak with an Attorney

Even when Merrill Lynch is ready to release funds, the legal risk is usually on the personal representative—not the brokerage firm—if the wrong person is paid, the wrong amounts are distributed, or distributions happen before claims/taxes are resolved. Applying the general rule to your facts often depends on:

• Strict Deadlines: Florida probate administration has timing expectations for wrapping up the estate and moving toward closing/discharge, and delays can trigger objections or court involvement.
• Burden of Proof: The personal representative may need to show authority (letters of administration), confirm the correct beneficiaries/heirs, and document that distributions match the estate plan/court filings.
• Exceptions: Distributions can be complicated by creditor claims, disputes among heirs, unclear beneficiary designations, required tax steps, or assets that should pass outside probate (which can change what should be distributed from the “estate account”).

Because a brokerage distribution is often one of the largest and most traceable transfers in an estate, mistakes can lead to personal representative liability, beneficiary litigation, or delays in closing the estate.

If you want more background, these may help: final accounting in Florida probate and closing a probate estate in Florida.

Get Connected with a Florida Attorney

Do not leave your legal outcome to chance. We can connect you with a pre-screened Probate attorney in Florida to discuss your specific facts and options.

Find a Florida Attorney Now

Disclaimer: This article provides general information under Florida law and does not create an attorney-client relationship. Laws change frequently. For legal advice specific to your situation, please consult with a licensed attorney.