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Probating a $4500 stock account, when ALL other assets have passed outside probate?
Anonymous2 views3 answers
Mom died in late April. All her assets were either jointly titled or had beneficiaries, EXCEPT, possibly, stock in an insurance company that had demutualized several years ago.
Her will is very clear and simple as to who should receive the proceeds. If, as anticipated, we find that she didn't specify a beneficiary, will it be costly and complex to probate this account? Are their any other options?
We have already received the life insurance proceeds and have retitled her other financial accounts and vehicles that were jointly titled.
Since my original posting, I have read that Ohio has a simplified process for small estates. Does the $100K dollar limit to use this approach apply only to the probate assets, or the overall asset amount?
To administer the estate as an estate relieved from administration, the probate assets passing to non-spouse beneficiaries must be less than $35K (under $100K if passing to a spouse).
There is also a statutory provision for an even simpler administration called a summary release from administration. If the value of the assets of the decedent's estate does not exceed the lesser of five thousand dollars or the amount of the decedent's funeral and burial expenses, any person who is not a surviving spouse and who has paid or is obligated in writing to pay the decedent's funeral and burial expenses may apply to the probate court for an order granting a summary release from administration.
In either event, the paperwork involved for probate should neither be complex nor expensive. You may have to fill out several forms (and obtain medallion guarantee signature(s) at a bank) to liquidate the stock; but the process should be relatively straightforward.
There is a short form of probate called "Relief from Administration." It requires much less paperwork than a full administration. Some courts are more helpful to consumers than others, but if you want to avoid attorney costs you can take your identification, the original Will, the death certificate and $250 cash (plus the names and addresses of all "next of kin" to the Montgomery County Probate Court and personnel at the court may help you fill out the necessary paperwork. Plan on spending at least two or three hours, and perhaps making a return trip.
If the value is only $4500 the estate can most likely do a Summary Releif. I would suggest having an attorney assist you with this. The attorney fees are based on the value of the estate and would most likely be relatively low.
