Legal Question in Wills and Trusts in Florida
Common Stock
My father passed away at 85 leaving no will. His only source of income was social security. He dod not own any property or savings. He only had a small amount of cash in a checking account and a life insurance policy which barely covered the funeral costs. When I cleaned out his apartment, I found 7 shares of common stock. I wrote to the company explaining the situation and requesting information on how to either sell the stock or re-register it in my name. They wrote back that they would need legal documentation from the probate courts (summary order, letters of administration, a probated will or a letter from the probate court judge) in order to re-register the stock since he did not list a beneficiary when he purchased the stock. Since he left no will and there is no property or other assets, how can I handle this? Must I go through the probate courts? What are my options? Instead of re-registering the stock can it be sold to be used to pay any final expenses without going through the probate courts?
2 Answers from Attorneys
Re: Common Stock
The problem is that without probate administration having been opened, there is no proof of your authority to do those things. Probate is the process by which a person is put in charge of the estate (however small it may be), creditors, if any, are paid off, and beneficiaries are identified. Depending on what exactly was in your father's estate and whether there were any creditors at all, you might be able to go through a summarized type of administration. Contact the court where your father was domiciled. Petition to be named personal representative. This will give you the authority to transfer the stock and do other things. This will also identify any beneficiaries (you, at least) and you will be able to legally receive what you are entitled to.
Re: Common Stock
You will need to go through probate to change the ownership of this stock. The value of the stock (the probate assets) will determine what type of probate proceeding is required. If it less than $75,000.00 Summary Administration is available to you. With Summary no personal representative is appointed and the Court will order an immediate dispersal of assets. There is also a procedure called Disposition of Personal Property without Administration where assets do not exceed final funeral costs and final medical bills. These are your two least expensive options. I suggest you speak with a Florida atttorney.
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