Originally Posted by
Edwin Santos
In my experience, the title to the account would be transferred in accordance with the will. The stocks, bonds, other holdings in the account would stay intact and the title of the account moves from the decedent to a beneficiary.
In the event that the account would not be transferring completely to one party but instead is being distributed to multiple beneficiaries, a personal representative (executor) or trustee could give instructions to the brokerage to divide up assets within the account and split them among two or more new accounts each in the name of a beneficiary, again in accordance with the will (or trust), and often subject to court approved probate. Even in this latter case, nothing is being sold, rather the assets are being divided and allocated intact.
A less liquid asset like a piece of real estate becomes a bit more complicated.
It's possible that a will or trust could require that an account be liquidated, but I've never seen it, and I think doing so would have to happen over the advice of the attorney who drafted the estate documents because it's a reckless thing to do. But possible I suppose.
Edwin
Note: some of this could vary state to state in the US.