My father passed away leaving most items in a trust. One item not mentioned by name is Stock valued around 10,000. In the trust is a pour over will indicating and giving the executor full power over any property, monies etc; not named in the trust. My understanding is all I need is the completed Stock Power Form with a medallion signature stamp. I am being told this needs to run through probate to have the stock transferred. Seems to me the Pour Over covers this situation and the transfer is a simple one handled through the broker. Is probate necessary in this matter?
1 Answer from Attorneys
Unfortunately - Yes. The stock was owned by the decedent, not the Trust. Thus, its' disposition is subject to Probate, absent some language in the Stock Certificate that it transfers upon death. This is a key reason to meet with an attorney to do Estate planning.
However, not all is lost, as there is a simplified probate process for such a low value - Summary Release from Administration, and if not that, the Release from Administration.