Found money - AFTER estate closes

[CountryGal]

I think I may have found some stocks (in fathers name) that were unaccounted for when I closed the estate for my mother in 2012. Given my father passed first, I recall much difficulty turing his stocks over to the estate of my Mom.

Probably worth about 1k-2k. If I find more, 5k would be the highest they might be worth.

Thoughts on easy way to turn this into cash? I am wondering if it is even worth the effort involved or if I should just ignore it.

[Ready]

Who is the money supposed to go to according to the will? If it's you, it should be fairly easy to send a copy of your estate documents to the firm holding the stocks showing that you are the rightful heir.

[Ronstar]

I had a similar situation. I believe I sent the company the death certificate, copy of the will, and some other estate documents, and they re-certificated the shares to me and my sister.

[meierlde]

Are you the executor, if so you could send the death certificate and the letters notifiying that you are the executor to transfer the shares. If not the executor, and the executor is still alive you could just tell them to do the transfer.

[Texas Proud]

If there are still assets, then you did not 'close' it... you still need to do what the will requested...


My dad died in 1980... and I found out a few years ago that my mom never did transfer a gas lease into her name... she still gets a check for $100 or so each year made out to the estate... (had to look... last year was $45)....

I asked all my siblings if they wanted to own this as I would do the work necessary to have it transferred into their name.... nobody wanted it ... including me...

I have called the company and asked if they would buy it off, but no luck... I will figure out what to do with it whenever mom passes... I might just ignore it....

[DrRoy]

Quote:

If there are still assets, then you did not 'close' it... you still need to do what the will requested...

Transfer to the proper recipient as directed and they can do what they want.

[Sunset]

Quote:

Originally Posted by Texas Proud If there are still assets, then you did not 'close' it... you still need to do what the will requested... My dad died in 1980... and I found out a few years ago that my mom never did transfer a gas lease into her name... she still gets a check for $100 or so each year made out to the estate... (had to look... last year was $45).... I asked all my siblings if they wanted to own this as I would do the work necessary to have it transferred into their name.... nobody wanted it ... including me... I have called the company and asked if they would buy it off, but no luck... I will figure out what to do with it whenever mom passes... I might just ignore it....

I'll buy it for $100

[hesperus]

Illinois has an unclaimed assets database, and a few months ago I went in and did a search under his name. Did find that there is about $8K in stocks and dividends sitting in there, unclaimed. Problem is I'd have to contact my (estranged) brother in order to have the assets released. I haven't talked with him since fathers funeral, and have no desire to. When I weigh the costs of having to talk to him against the $4K I'd get, it doesn't seem worthwhile...

[TrvlBug]

We just did this last week for $2K in stocks. Called the firm holding the stocks. They directed us to their website for the forms and we followed instructions. It was a PITA but worth it. One of the forms had to be notarized and another required a Medallion signature.

[CountryGal]

Dad gave everything to Mom. Mom had a will that left 50-50 to brother and I. Everything was probated and state income taxes had to be paid (along with boatload of paperwork).

I assume even if I send everything to stock holders and am able to cash them out, lots of paperwork would still be required. Not sure if this is new paperwork or need to amend what we filed in 2012. I would also have to refile at courthouse as executor. I think that expires after a few years. Lawyer fees were very high, so want to avoid seeking legal help. Given the amounts, it would not be worth it at $250 an hour.

[CountryGal]

Quote:

Originally Posted by hesperus Illinois has an unclaimed assets database, and a few months ago I went in and did a search under his name. Did find that there is about $8K in stocks and dividends sitting in there, unclaimed. Problem is I'd have to contact my (estranged) brother in order to have the assets released. I haven't talked with him since fathers funeral, and have no desire to. When I weigh the costs of having to talk to him against the $4K I'd get, it doesn't seem worthwhile...

Exactly! I was the executrix, but still a hassle and we don't talk much to each other. ..no desire to. I had found a few hundred in the assets database due to a check I missed cashing and some other stuff. Wasn't worth the hassle. Not sure even 2k would be worth it, especially if I have to split it and get no compensation for effort.

[Crewer]

I had something similar happen but it had to do with my mother's estate, which passed directly to my father who outlived her. I was executor of his estate but not hers. I had to have her estate reopened, the new asset listed, and then I could distribute the proceeds. I took care of my father's estate without an atty except for 1 hour consultation to get me through it. I paid more for the after the fact thing. Gave me reason to have my parents upper most on my mind again.

Good luck.

[Texas Proud]

Quote:

Originally Posted by Sunset I'll buy it for $100

If I could sell it to you easily I would!!!

But first I have to transfer it into my name and then sell it to you.... too much trouble...

[CRLLS]

Quote:

Originally Posted by hesperus Illinois has an unclaimed assets database, and a few months ago I went in and did a search under his name. Did find that there is about $8K in stocks and dividends sitting in there, unclaimed. Problem is I'd have to contact my (estranged) brother in order to have the assets released. I haven't talked with him since fathers funeral, and have no desire to. When I weigh the costs of having to talk to him against the $4K I'd get, it doesn't seem worthwhile...

I found unclaimed assets in DF's name in a state that he hadn't lived in for over 50 years. DF had deceased and DB was his executor and trustee. That estate was settled years ago. For various reasons I won't go into, he and I haven't spoken in years. I contacted the state and started the claim paperwork but I had to declare other parties that might have equal claim. I needed DB's SS# for the claim. I contacted him, said what I found and what I needed from him to get the ball rolling. He refused to give it to me. So I filled out the claim form with a note saying DB had equal claim but refused to proved a SS# to me. I got my share, I don't know or even care if he ever did. It wasn't much $$ but worth the small effort on my part.

That was several years ago and we haven't spoken since.

[CountryGal]

Quote:

Originally Posted by CRLLS I found unclaimed assets in DF's name in a state that he hadn't lived in for over 50 years. DF had deceased and DB was his executor and trustee. That estate was settled years ago. For various reasons I won't go into, he and I haven't spoken in years. I contacted the state and started the claim paperwork but I had to declare other parties that might have equal claim. I needed DB's SS# for the claim. I contacted him, said what I found and what I needed from him to get the ball rolling. He refused to give it to me. So I filled out the claim form with a note saying DB had equal claim but refused to proved a SS# to me. I got my share, I don't know or even care if he ever did. It wasn't much $$ but worth the small effort on my part. That was several years ago and we haven't spoken since.

Thanks! Maybe I will take another look at the instructions I saw for unclaimed assets to see if I missed something.

Honestly, for under $1000 5 years+ post death, it should not be necessary to contact a lawyer, pay state taxes or file estate forms of any kind.