I am frustrated because, as the executor of my father's will, I have notified AMP that he is deceased and since have been trying to get them to freeze his AMP super account to stop it from being affected by the stock market. Meaning I'd like them to leave it in their care and not administer it but to turn it into cash and not stocks.
Reason being is so that it wouldn't lose money.
They said that I needed to provide probate in order to administer the money. I said I didn't want to administer it I just want to have it frozen so that it can't be affected by the market.
They kept saying I needed probate.
Well probate is in the process but it has been delayed by a number of reasons , including because the coronavirus has rocked the world, the courts are delayed.
This has meant that due to the coronavirus, we have so far lost $250,000 of my dad's hard earned money. He sacrificed a lot and lived very cheap all his life so that he would help provide for his offspring. Now a huge chunk of it is gone and is still going!!
My questions are..
- Have I been incorrectly informed by the AMP staff in that I can't freeze this money without probate?
- If not, then why? As they have frozen the ability to get his financial advisor to even reposition his stocks. Why can they freeze that ability to do anything? It doesn't make sense. Its not their money so they shouldn't have the right to choose for it to continue being manipulated by the stock market!
- If I have been misinformed by the AMP staff, then can I take action to get that loss money back?
Thank you for your help in advance.
S
Reason being is so that it wouldn't lose money.
They said that I needed to provide probate in order to administer the money. I said I didn't want to administer it I just want to have it frozen so that it can't be affected by the market.
They kept saying I needed probate.
Well probate is in the process but it has been delayed by a number of reasons , including because the coronavirus has rocked the world, the courts are delayed.
This has meant that due to the coronavirus, we have so far lost $250,000 of my dad's hard earned money. He sacrificed a lot and lived very cheap all his life so that he would help provide for his offspring. Now a huge chunk of it is gone and is still going!!
My questions are..
- Have I been incorrectly informed by the AMP staff in that I can't freeze this money without probate?
- If not, then why? As they have frozen the ability to get his financial advisor to even reposition his stocks. Why can they freeze that ability to do anything? It doesn't make sense. Its not their money so they shouldn't have the right to choose for it to continue being manipulated by the stock market!
- If I have been misinformed by the AMP staff, then can I take action to get that loss money back?
Thank you for your help in advance.
S
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