I don't know where you are or how it would work there (I'm in Canada fwiw) but when I was executor for my grandmother's estate I essentially had all the same rights of access to her property as she would have when she was living, at least in terms of liquidating assets and putting the funds into the estate account. I had to close a number of different accounts in different places and in every case I provided them with the will and proof that I was executor, filled out a bunch of forms and was issued a cheque made payable to "the estate of Grandma." The money had to be deposited into the trust account and then cheques issued to the beneficiaries from there. I don't see any reason why that wouldn't be the same here - have the executor cash out the funds on behalf of the estate and then disburse them to you and your sisters.
Parkerk -- TOD is like being a designated beneficiary at the time of death (TOD) so that the assets bypass the will and executor. The executor does not have any access or right to handle the account, it passed outside of the will and estate.
(If I am incorrect, anyone, please advise. I don't have TOD's where I live, only beneficiary designated accounts.)
I assume that normally, the account holder name just changes to the beneficiary (and you fill out paperwork), except in this case there are several new people to split it.
As long as you can "transfer in kind", "cash basis" and no fees (or no more than if it was left as is), it should be ok to set up in your name, to then cancel it as soon as you can with the least costs.
Ask if you can transfer it "in kind" to your own non-registered investment account (you already have one, right?). Transferring it to an EJ account in your name would technically be the exact same thing as transferring it to an account with a different bank, in your name.
Be prepared for EJ fees to release funds early, if there are rear loads to this.