Legal Question in Wills and Trusts in California
distribution of cash and stocks in an estate going through probate
My father passed away in 2007. He left a will with my sister and I as the only beneficiaries. We have gone thru the probate process and my sister is the executor per his will. We consolidated all brokerage and cash accounts into an estate account. The letters were issued granting full authority to my sister. Does this mean that we do not need to get the court's permission before the estate account is distributed? What if my sister already distributed this estate account? Was that wrong? We are getting ready to close the estate without accounting since there are no disagreements etc. When we go to do the paperwork for this, do we need to let the court know what was distributed already? The only item left in the probate after the distribution of the estate account is the real property, which my sister and I have agreed to equally manage going forward. Please help me understand how to let the court know what was already distributed as we go to close the estate. Thanks!
3 Answers from Attorneys
Re: distribution of cash and stocks in an estate going through probate
Is this administation in IL or CA? I can answer only if it is an Illinois probate.
Re: distribution of cash and stocks in an estate going through probate
i assume the law in yor home state is similar to California's. Having filed for formal probate, you have to follow through with its rules. The court must appoint someone the representative of the estate, your sister merely being named in the Will is insufficient. The best approach to the Court is to be honest--neither of you knew the law, you two are the only beneficiaries, all debts have been paid, the money has/will be split down the middle, there are no disbutes. The Judge will say you acted incorrectly but since no one was harmed, no foul will be called. If you want to be super cautious, take to the probate examiner and/or the judge's own clerk first to see h0ow he/she will react.
Re: distribution of cash and stocks in an estate going through probate
I practice in Ca and I am not sure, if the probate rules in IL are similar to that of Ca.
Your sister has been appointed as an executory of the estate by the court, She is not suppose to distribute without the court order. If she has distributed without prior court approval, and its a harmless error, She can disclose all the distribution of estate assets to the court and seek court approval of her prior acts as an executor.
Court approval of any and all distribution before or after distribution of estate assets , is needed, for approval of her acts as an executor of the estate.
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